Retail Employees Superannuation Trust

Acumen Super

Past 5-year return
5.55%
Admin fee

$83

Calc fees on 50k

$713

SuperRatings awards
MyChoice Platinum10 Year Platinum Performance
Past 5-year return
5.55%
Admin fee

$83

Calc fees on 50k

$713

SuperRatings awards
MyChoice Platinum10 Year Platinum Performance

Based on your details, you can compare and save on the following superannuation

Pros and Cons

Pros and Cons

  • Access to non-commission based financial advice for members with the first call free of charge.
  • Administration of accumulation, defined benefit and hybrid funds with policy committee support.
  • Paperless correspondence offered as an alternative for member statements, annual reports and newsletters.
  • Comprehensive and personalised communication, education and reporting including regular seminars on a wide range of topics.
  • Access to a range of significant member discounts including health and travel insurance.

Summary

Acumen was established in 2002 to provide for the retirement needs of members of participating employer groups across a range of industries. The fund is a division of Rest Super and has been designed for employers who want to tailor a solution for their employees. Acumen offers an investment menu of 6 diversified options and 9 single sector options. The Core Strategy outperformed the relevant SuperRatings Index over the 10-year period to 30 June 2020; however, underperformed over the shorter term.Fees are higher than the industry average across all account balances assessed. The fund does not charge switching fees, although a buy-sell spread may apply.Acumen's insurance offering allows eligible members to apply for up to $5 million of Death cover and up to $2 million of TPD cover. Income Protection with a benefit period of 2 years or to age 65, covering up to 85% of salary, is available following a 30, 60- or 90-day waiting period. The fund offers a range of discounts through various providers, as well as a mobile app which provides essential details for easy transfer between employers. Members may also contact the virtual agent, "Roger", to have their account related queries answered at a time that is convenient to them.

Features and Fees

Rest Fees and Features

Features

Variety of options

Binding nominations

Account size discount

Online Access

Home loans

Financial planning service

Non-lapsing binding nominations

Employer size discount

Anti-detriment payments

Credit cards

Insurance Cover

Health insurance

Insurance life event increases

Total and permanent disability cover

Long term income protection

Fees

Admin fee

$83

Administration fee (%)

0.65%

Switching fee

$0

Investment fee

0.55%

Indirect cost ratio (%)

0.06%

Exit fee

$0

Pros and Cons

  • Access to non-commission based financial advice for members with the first call free of charge.
  • Administration of accumulation, defined benefit and hybrid funds with policy committee support.
  • Paperless correspondence offered as an alternative for member statements, annual reports and newsletters.
  • Comprehensive and personalised communication, education and reporting including regular seminars on a wide range of topics.
  • Access to a range of significant member discounts including health and travel insurance.

Acumen was established in 2002 to provide for the retirement needs of members of participating employer groups across a range of industries. The fund is a division of Rest Super and has been designed for employers who want to tailor a solution for their employees. Acumen offers an investment menu of 6 diversified options and 9 single sector options. The Core Strategy outperformed the relevant SuperRatings Index over the 10-year period to 30 June 2020; however, underperformed over the shorter term.Fees are higher than the industry average across all account balances assessed. The fund does not charge switching fees, although a buy-sell spread may apply.Acumen's insurance offering allows eligible members to apply for up to $5 million of Death cover and up to $2 million of TPD cover. Income Protection with a benefit period of 2 years or to age 65, covering up to 85% of salary, is available following a 30, 60- or 90-day waiting period. The fund offers a range of discounts through various providers, as well as a mobile app which provides essential details for easy transfer between employers. Members may also contact the virtual agent, "Roger", to have their account related queries answered at a time that is convenient to them.

Read More

Rest Fees and Features

Features

Variety of options

Binding nominations

Account size discount

Online Access

Home loans

Financial planning service

Non-lapsing binding nominations

Employer size discount

Anti-detriment payments

Credit cards

Insurance Cover

Health insurance

Insurance life event increases

Total and permanent disability cover

Long term income protection

Fees

Admin fee

$83

Administration fee (%)

0.65%

Switching fee

$0

Investment fee

0.55%

Indirect cost ratio (%)

0.06%

Exit fee

$0
Fund fees vs. Industry average
THIS FUND
INDUSTRY AVERAGE
Fund past-5-year return vs. Industry average
THIS FUND
INDUSTRY AVERAGE
Investment allocation
INTERNATIONAL SHARES
AUSTRALIAN SHARES
PROPERTY
ALTERNATIVES
FIXED INTEREST
CASH
OTHER
Investment option performance
BALANCED
CONSERVATIVE BALANCE
DIVERSIFIED FIXED INTEREST
GROWTH
AUSTRALIAN SHARES
INTERNATIONAL SHARES
CAPITAL STABLE
PROPERTY
CASH
+ View additional option performance information
Product
Past 5-year return
5.55%
Admin fee

$68

Company
Retail Employees Superannuation Trust
Calc fees on 50k

$423

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Platinum15 Year Platinum Performance
Go to site
More details
Past 5-year return
5.55%
Admin fee

$68

Company
Retail Employees Superannuation Trust
Calc fees on 50k

$423

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MySuper Platinum7 Year Platinum Performance
Go to site
More details
Past 5-year return
5.55%
Admin fee

$83

Company
Retail Employees Superannuation Trust
Calc fees on 50k

$713

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Platinum10 Year Platinum Performance
Go to site
More details
Past 5-year return
5.55%
Admin fee

$68

Company
Retail Employees Superannuation Trust
Calc fees on 50k

$423

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MySuper Platinum7 Year Platinum Performance
Go to site
More details
Past 5-year return
5.55%
Admin fee

$68

Company
Retail Employees Superannuation Trust
Calc fees on 50k

$423

Features
Advisory services
Death insurance
Income protection
Online access
Term deposits
Variety of options
SuperRatings awards
MyChoice Platinum7 Year Platinum Performance
Go to site
More details

FAQs

How can I keep track of my superannuation?

Most funds will allow you to access your superannuation account online. Another option is to manage your superannuation through myGov, which is a government portal through which you can access a range of services, including Medicare, Centrelink, aged care and child support.

How can I increase my superannuation?

You can increase your superannuation through a ‘salary sacrifice’. This is where your employer takes part of your pre-tax salary and pays it directly into your superannuation account. Like regular superannuation contributions, salary sacrifices are taxed at 15 per cent when they are paid into the fund.

When did superannuation start?

Australia’s modern superannuation system – in which employers make compulsory contributions to their employees – started in 1992. However, before that, there were various restricted superannuation schemes applying to certain employees in certain industries. The very first superannuation scheme was introduced in the 19th century.

How do you pay superannuation?

Superannuation is paid by employers to employees. Employers are required to pay superannuation to all their staff if the staff are:

  • Over 18 and earn more than $450 before tax in a calendar month
  • Under 18, work more than 30 hours per week and earn more than $450 before tax in a calendar month

This applies even if the staff are casual employees, part-time employees, contractors (provided the contract is mainly for their labour) or temporary residents.

Currently, the superannuation rate is currently 9.5 per cent of an employee’s ordinary time earnings. This is scheduled to rise to 10.0 per cent in 2021-22, 10.5 per cent in 2022-23, 11.0 per cent in 2023-24, 11.5 per cent in 2024-25 and 12.0 per cent in 2025-26.

Employers must pay superannuation at least four times per year. The due dates are 28 January, 28 April, 28 July and 28 October.

How do you open a superannuation account?

Opening a superannuation account is simple. When you start a job, your employer will give you what’s called a ‘superannuation standard choice form’. Here’s what you need to complete the form:

  • The name of your preferred superannuation fund
  • The fund’s address
  • The fund’s Australian business number (ABN)
  • The fund’s superannuation product identification number (SPIN)
  • The fund’s phone number
  • A letter from the fund trustee confirming that the fund is a complying fund; or written evidence from the fund stating it will accept contributions from your new employer; or details about how your employer can make contributions to the fund

You might want to provide your tax file number as well – while it’s not a legal obligation, it will ensure your contributions will be taxed at the (lower) superannuation rate.

How long after divorce can you claim superannuation?

You or your partner could be forced to surrender part of your superannuation if you divorce, just like with other assets.

You can file a claim for division of property – including superannuation – as soon as you divorce. However, the claim has to be filed within one year of the divorce.

Your superannuation could be affected even if you’re in a de facto relationship – that is, living together as a couple without being officially married.

In that case, the claim has to be filed within two years of the date of separation.

Either way, the first thing to consider is whether you’re a member of a standard, APRA-regulated superannuation fund or if you’re a member of a self-managed superannuation fund (SMSF), because different rules apply.

Standard superannuation funds

If your relationship breaks down, your superannuation savings might be divided by court order or by agreement.

The rules of the superannuation fund will dictate whether this transfer happens immediately, or in the future when the person who has to make the transfer is allowed to access the rest of their superannuation (i.e. at or near retirement).

Click here for more information.

SMSFs

If your relationship breaks down, you must continue to observe the trust deed of your SMSF.

So if you and your partner are both members of the same SMSF, neither party is allowed to use the fund to inflict ‘punishment’ – such as by excluding the other party from the decision-making process or refusing their request to roll their money into another superannuation fund.

This no-punishment rule applies even if the two parties are involved in legal proceedings.

Click here for more information.

Financial consequences

Superannuation funds often charge a fee for splitting accounts after a relationship breakdown.

Splitting superannuation can also impact the size of your total super balance and how your super is taxed.

Click here for more information.

When did superannuation start in Australia?

Australia’s modern superannuation system – in which employers make compulsory contributions to their employees – started in 1992. However, before that, there were various restricted superannuation schemes applying to certain employees in certain industries. The very first superannuation scheme was introduced in the 19th century.

Am I entitled to superannuation if I'm not an Australian citizen?

Yes, permanent and temporary residents are entitled to superannuation.

What are my superannuation obligations if I'm an employer?

Employers are required to pay superannuation to all their staff if the staff are:

  • Over 18 and earn more than $450 before tax in a calendar month
  • Under 18, work more than 30 hours per week and earn more than $450 before tax in a calendar month

This applies even if the staff are casual employees, part-time employees, contractors (provided the contract is mainly for their labour) or temporary residents.

Am I entitled to superannuation if I'm a casual employee?

As a casual employee, you’re entitled to superannuation if:

  • You’re over 18 and earn more than $450 before tax in a calendar month
  • You’re under 18, you work more than 30 hours per week and you earn more than $450 before tax in a calendar month

What are the age pension's age rules?

Australians must be aged at least 65 years and 6 months to access the age pension. This eligibility age is scheduled to increase according to the following schedule:

Date Eligibility age
1 July 2019 66 years
1 July 2021 66 years and 6 months
1 July 2023 67 years

What happens if my employer goes out of business while still owing me superannuation?

If your employer collapses, a trustee or administrator or liquidator will be appointed to manage the company. That trustee/administrator/liquidator will be required to pay your superannuation out of company funds.

If the company doesn’t have enough funds, in some cases company directors will be required to pay your superannuation. If the directors still don’t pay, the Australian Securities & Investment Commission (ASIC) might take legal action on your behalf. However, ASIC might decline to take legal action or might be unsuccessful.

So there might be some circumstances when you don’t receive all the superannuation you’re owed.

Can my employer use money from my superannuation account?

No, your employer can’t touch the money that is paid into your superannuation account.

What are government co-contributions?

A government co-contribution is a bonus payment from the federal government into your superannuation account – but it comes with conditions. First, the government will only make a co-contribution if you make a personal contribution. Second, the government will only contribute a maximum of $500. Third, the government will only make co-contributions for people on low and medium incomes. The Australian Taxation Office will calculation whether you’re entitled to a government co-contribution when you lodge your tax return. The size of any co-contribution depends on the size of your personal contribution and income.

What are reportable employer superannuation contributions?

Reportable employer superannuation contributions are special contributions that an employer makes on top of the regular compulsory contributions. One example would be contributions made as part of a salary sacrifice arrangement.

What are the risks and challenges of an SMSF?

  • SMSFs have high set-up and running costs
  • They come with complicated compliance obligations
  • It takes a lot of time to research investment options
  • It can be difficult to make such big financial decisions

How do you calculate superannuation?

Superannuation is calculated at the rate of 9.5 per cent of your gross salary and wages. So if you had a salary of $50,000, your superannuation would be 9.5 per cent of that, or $4,750. This would be paid on top of your salary.

The ‘superannuation guarantee’, as it is known, has been at 9.5 per cent since the 2014-15 financial year. It is scheduled to rise to 10.0 per cent in 2021-22, 10.5 per cent in 2022-23, 11.0 per cent in 2023-24, 11.5 per cent in 2024-25 and 12.0 per cent in 2025-26.

Is superannuation paid on unused annual leave?

If your employment is terminated, superannuation will not be paid on unused annual leave.

How is superannuation regulated?

The Australian Prudential Regulation Authority (APRA) regulates ordinary superannuation accounts. Self-managed superannuation funds (SMSFs) are regulated by the Australian Taxation Office.

Am I entitled to superannuation if I'm a part-time employee?

As a part-time employee, you’re entitled to superannuation if:

  • You’re over 18 and earn more than $450 before tax in a calendar month
  • You’re under 18, you work more than 30 hours per week and you earn more than $450 before tax in a calendar month