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Rolling your super into REST is easy with our new online consolidation form. All the information you need to consolidate your super with REST is in the tabs below.
The more super accounts you have, the more fees you are likely to pay. This adds up over time and could cost you thousands of dollars by the time you retire. Don't you think that money could be better spent on your retirement?
Jenny's super is in one fund, which charges an administration fee of $5 per month, plus an investment management fee of 0.65% of assets.
George's super is in three funds. His employer contributions are paid into the same fund as Jenny's. As George has recently changed jobs, his current balance in the fund is $0, and his $30,000 super is spread over two different funds, each of which charge an investment management fee of 2.00% of assets (but no administration fee).
Over 30 years, Jenny's super balance grows to $351,400 (in today's $) compared to George's balance of just $318,600 - a difference of $32,800 over 30 years, simply because Jenny decided to consolidate.
Assumptions Employer contributions amount to $5,000 in the first year and are subject to 15% contributions tax in the fund. Employer contributions increase in each year at a rate of 3% p.a. No other contributions are made to the funds. Fees amount to $5 per month in the fund in which both Jenny and George have an account and are tax-deductible in the fund. Future investment earnings of 8% p.a. after tax (before fees), which is the expected long term compound average return for a balanced fund exposed to 70% growth assets. Future wage increases of 3% p.a. Administration fees increase each year in line with inflation at a rate of 3% p.a. Results are expressed in today's dollars by discounting at 3% p.a.
Disclaimer This comparison is an illustration only and does not constitute financial advice. A member's results may vary depending on the particular fees that the member's various super funds charge. Members should consider all of the applicable fees, including any exit fees, before consolidating their super funds.
According to leading ratings agency SuperRatings, REST's default investment option Core Strategy was the best performing balanced investment option over the past decade*.
Assumptions: The graph compares the estimated annual fees charged in a balanced option in the different superannuation products based on an account balance of $50,000 and weekly contributions totalling $5,000 per annum. The fees shown are based on the indicative fees disclosed in the PDS of each product (excluding performance fees) as of the following dates:
REST: 12 October 2009 Sunsuper: 1 July 2010 AMP Flexible Super: 22 May 2010 AustralianSuper: May 2010 HostPlus: 31 March 2010 HESTA: 1 November 2009 BT Super for Life: 28 September 2009 Colonial First State FirstChoice Personal Super: 22 March 2010 ING OneAnswer: 12 April 2010 MLC MasterKey: 28 April 2010
Where trustees charge %-based contribution fees within a range (as negotiated with the adviser), the contribution fee has been assumed to be 1%, which was the average %-based contribution fee charged in a 2008 survey of personal superannuation products across 10 retail providers, conducted by Rice Warner on behalf of IFSA. The effect of investment earnings has not been taken into account and so performance fees have also been ignored in the analysis. Performance fees may be charged in some funds, including in the REST Core Strategy, if certain return thresholds are met and are deducted from the investment return credited to members. Insurance premiums and transaction fees have not been taken into account.
Disclaimer This comparison is an illustration only and does not constitute financial advice. A member's results may vary depending on the particular fees that the member's various super funds charge for their investment option(s). Members should consider all of the applicable fees, including any exit fees, before consolidating their super funds. Fees may change in the future and affect the graph. Members should consider other criteria beyond fees when comparing products.
Once REST has received your completed form we will contact the other fund on your behalf. Some funds may charge exit fees. You should check with the other fund.
No. REST works with your other fund to get the transfer made to your REST superannuation account.
Page last updated on: 19 Aug 2010