Rest takes next step to support First Nations member outcomes

Rest has committed to the next stage of its reconciliation journey to better support First Nations members achieve enhanced retirement outcomes with the launch of its Innovate Reconciliation Action Plan (RAP).

Its second plan to be released in as many as two years, with the first Reflect RAP unveiled in 2023, the Innovate RAP extends on Rest’s initial formalisation of its “commitment to meaningfully embed the principles and purpose of reconciliation” within the business and delivers “practical actions” to improve the experiences and outcomes for First Nations members.

The Innovate plan will see the fund complete a trial project that seeks to deepen its engagement with financial counsellors and guides to better support First Nations members in understanding and navigating the super system.

The broader superannuation industry will also share in the results of the program in the effort to standardise the support offered and provided to members.

“I’m proud to launch our Innovate RAP – an important milestone in Rest’s reconciliation journey and a key part of our commitment to supporting a fairer super system and better retirements for our estimated tens of thousands of First Nations members,” Rest chief executive, Vicki Doyle, said.

“Australia’s enviable superannuation system has helped millions of Australians achieve greater financial security, but it doesn’t work equally well for everyone. Systemic barriers continue to limit access and equity for First Nations members, who are more likely to experience financial stress and have lower-than-average life expectancies. At Rest, we know we need to do more to support First Nations members.

“Rest’s Innovate RAP reflects our dedication to listening to First Nations voices and using our collective influence to drive meaningful changes, including improving service outcomes for First Nations members, ongoing staff cultural training and continued advocacy for policy reform.”

The super fund confirmed both the Association of Superannuation Funds of Australia (ASFA) and the First Nations Foundation (FNF) are in support of the initiative, with the foundation also acting as Rest’s adviser for the Innovate RAP.

“First Nations Foundation is excited to support Rest’s Innovate Reconciliation Action Plan,” First Nations Foundation Managing Director, Leah Bennett, said.

“This plan is an important step in advancing meaningful change, strengthening relationships, and creating opportunities that empower First Nations peoples’ economic, cultural, and social aspirations.

“Rest’s commitment to embedding reconciliation into its values demonstrates real leadership and a vision for a more inclusive and respectful future for all Australians.”