Industry super fund REI Super, which currently limits its membership to those directly employed in the real estate industry, will become a public offer fund from 1 July 2016.
Commenting on the decision to convert to public offer, REI Super chief executive Mal Smith said the fund was previously only open to staff of participating employers.
Now, the fund will be open to everyone, he said – but particularly to existing members’ spouses and family members, self-employed people in the industry, and those working closely with the industry, like valuers, conveyancers, marketers and tradespeople.
“REI Super grew out of the real estate industry, and we are the only industry fund specifically for the sector,” Mr Smith said.
“We’ve grown with the industry and we are in step with its needs. We know it’s a different industry to what it was when we started.
“Growth in self-employment within the industry, and in sectors associated with real estate, means that not everyone is attached to a participating employer any more.
“We also want to ensure that existing members who wish their spouse or other family members to join their fund can do so.
“We want to make it easier for anyone associated with the real estate sector to become part of a fund with a long industry provenance, personalised service, low fees and strong returns,” Mr Smith said.
Australian families could lose nearly $250,000 in retirement savings if the increase to the superannuation guarantee is dropped, new analysi...
Westpac has received a class action against two of its subsidiary companies in the latest legal action against the big bank. ...
Rice Warner has urged superannuation funds to reset their returns targets, with it finding many investment managers are retaining conventio...