REST Superannuation is expecting another significant boost to its funds under management as June 30 approaches.
Since the co-contribution scheme began, the Government has paid over $170 million into REST and Acumen members’ superannuation accounts, the industry fund revealed yesterday. Chief executive Damian Hill said that with the majority under the age of 30 and primarily working in retail, REST members are in an ideal position to take advantage of the co-contribution scheme. Prior to the better super changes at the end of financial year 2006/07, the fund received $371 million in voluntary contributions. While it is unlikely that that record will be topped this year, Hill said the fund had been had launched a tailored marketing campaign focussing on the benefits of co-contributions, and anticipated a spike in contributions prior to June 30. “REST’s experience indicates that more and more members are viewing their superannuation accounts as an extension of their financial investments and are starting to recognise the long-term benefits of investing in superannuation,” he said.
Future Fund chief investment officer Ben Samild said that FY24 has been a great year for alpha creation, thanks to strong returns in equities and, unusually, across multiple hedge fund strategies all at the same time. He reflected the past few years have been “a difficult time to be an asset owner and to generate positive returns for risk assets” but the Future Fund is tracking well of its long-term mandate.
Simon Hoyle and Darcy SongSeptember 4, 2024
