Rest renames MySuper default option to reflect growth strategy

Australian super fund, Rest, has announced a sweep of changes made to its investment options, including renaming its MySuper default investment option to better express its ‘growth’ focus.

From 30 September, Rest’s ‘Core Strategy’ will be called ‘Growth’ and will be one of nine investment options available, reduced from the current 15 options. The refined investment suite will include Cash, Capital Stable, Balanced, Growth (formerly ‘Core Strategy’), Balanced Indexed, Sustainable Growth, High Growth, Overseas Shares-Indexed and Australian Shares-Indexed.

The six options to be closed are Bonds, Property, Diversified, Shares, Australian Shares and Overseas Shares.

Deborah Potts, Rest’s Chief Member Officer, said some of the options will also have their investment objectives updated for members to understand them better and compare them more efficiently.

“Around half of Rest’s 2 million members are under the age of 30 and many have told us making an investment choice can be an overwhelming and confusing process,” she said.

“Rest has made these changes because we want all our members to feel confident about making investment choices that truly align with their retirement goals and what’s important to them.”

The options that will have their objectives updated include Capital Stable, Balanced, Growth, High Growth and Sustainable Growth.

Potts also confirmed that both the MySuper default option’s name change and updates to the investment objectives will have no impact on investments in the offerings and their expected level of risk or return.

“It’s crucial Rest offers the right mix of investment options to our members while also making the selection experience easy,” she said.

“By making the process simpler, and the options easier to understand, we can help break down the barriers that often stop Rest members from taking an active role in their super journey. By doing this we can ultimately help them to achieve better retirement outcomes.

“With these changes, we’re not only simplifying our investment menu– we’re creating a straightforward path for Rest members to feel empowered about their future.

“Rest’s goal is to provide transparency and confidence while supporting our members to make the right personal choice about their super.”