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Rest Super (formally Retail Employees Superannuation Trust) [3] is an Australian industry superannuation fund established in 1988. It is one of Australia's largest superannuation funds by membership, with around 1.9 million members as at June 2022. Rest currently manages more than $80 billion in funds. [2] [4] [5]
Retail fund managers have lobbied for legislative changes that reduce a differential treatment between industry funds and retail funds. One reform that has been advocated for is the de-regulation of workplace default funds; such as by removing certain funds from being a default payment option under Australia's award system .
File information Description This is the logo for Rest (superannuation fund). Further details: This is the new logo for Rest Super (Retail Employees Superannuation Trust) which was published in 2024.
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Public Sector Employees Funds are funds established by governments for their employees. Industry, Retail and Wholesale Master Trusts are the largest sectors of the Australian Superannuation Market by net asset with 217 funds. SMSFs are the largest number of funds with 596,225 funds (2019) representing 32.8% of the $2.7 trillion market. [64]
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This led to the establishment of trade union-based industry super funds, in contrast to pre-existing retail funds. From 1 July 2005, choice of fund rules came into effect, giving most Australian employees the option to choose the fund into which their employers paid their superannuation contributions.
A 2014 Washington Post report detailed the process: Paper files are brought to the mine daily in trucks, where employees pass them by hand, cavern to cavern, going over every line of employee data ...