AUSTRALIA - The Retail Employees Superannuation Trust (REST) has announced new guidelines and a fee structure to help members as they near retirement.
REST said it hoped the booklet would encourages new and potential members to take into consideration their current financial situation and to use superannuation strategies such as consolidation, voluntary contribution, transitioning, Centrelink social security benefits and tax benefits to make the most of their super savings prior to drawing down a pension.
Damian Hill, chief executive officer, REST, said: "In determining the segmentation for the education booklets we looked at behaviour patterns and the decisions members are faced with when nearing and approaching retirement. It was important for us to break the information down into manageable pieces to educate and empower members to make their own informed decisions."
Also, as of 1 January 2008, REST revised the current asset based fee with a variable component which would mean savings for many of REST's existing members.
REST has introduced a new base fee of 0.1% for all members with a new variable fee based on the length of time individuals have been a member of the fund capped at $250.00 per month for all members.
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