By HELEN HULL
Working closely with REINSW, as well as other REIs across Australia, REI Super has a long, rich history as the industry superannuation fund for the real estate sector.
Founded in early 1975, REI Super is one of the first industry superannuation funds established in Australia.
Started by the Real Estate Institute of Australia, it was designed as a service to benefit REI Super members, rather than shareholders. It was one of the first funds to appoint an independent Chair and independent Directors from the fund membership. This means that REI Super members have a direct say in the running of the fund through their elected representatives.
While membership of REI Super was initially limited to professional staff, that changed when compulsory superannuation came into effect in the 1980s. This led to REIs across Australia, including REINSW, cooperating to incorporate REI Super into the Real Estate Industry Award. Then, when the Superannuation Guarantee was introduced on 1 July 1992, REI Super became the default fund for the real estate industry.
Today, REI Super has close to 24,000 members nationally, with 9,100 from New South Wales.
“As an industry superannuation fund, REI Super exists for the sole purpose of helping our fund members grow their superannuation savings and enjoy the best retirement possible.” – Jarrod Coysh, REI Super
On hand for the industry
REINSW President Leanne Pilkington said she’s always found the team at REI Super to be responsive and knowledgeable.
“Whenever I talk to them, they highlight interesting information about how being a member of REI Super can benefit real estate professionals,” she said. “They’re excellent when offering advice and support, particularly during 2020 which was a very difficult year for our industry.”
Jarrod Coysh, CEO at REI Super, added that, in response to COVID-19, REI Super has been focused on informing, educating and supporting fund members and their families.
“Looking back at 2020 and the challenges of what was an unpredictable year, I’m pleased to report that REI Super adapted to a new operating rhythm,” he said. “Like many in our industry, we adapted to operating in a COVID-safe environment and the real estate industry was an absolute leader in adapting to this new way of working. As a fund, we’ve devoted considerable resources to helping REI Super members who availed themselves of the Government’s early release super scheme.
“Challenges bring opportunities and we’ve been working hard to ensure we can provide REI Super members with a brighter and more certain year in 2021.”
Mr Coysh said that the fund is now in the final stages of reviewing its investment strategy, including strategic asset allocations and products for the coming year.
“We’ll continue to focus on reducing investment costs, which we can pass onto our fund members in the form of lower fees,” he explained. “We’re working hard to provide REI Super members with a range of value-add initiatives focused on increasing retirement balances. We look forward to announcing our new partnerships and initiatives very soon.
“As an industry superannuation fund, REI Super exists for the sole purpose of helping our fund members grow their superannuation savings,” he explained. “Throughout 2021, we’ll continue to work with our longstanding partners – including REINSW, REIA and all the state and territory REIs – to support and strengthen our vibrant real estate industry.
“Without the REIs, we wouldn’t be here.”
In presenting this information REI Super has not considered any individual person’s objectives, financial situation or particular needs. Individuals need to consider whether the advice is appropriate in light of their goals, objectives and current situation. Members should obtain and read the Product Disclosure Statement for REI Super before making any decisions and consider talking to a financial adviser before making an investment decision. Past performance is no indication of future performance.
What’s happening at REI Super
The coming year is an exciting one for REI Super. Here’s a sneak peek at what’s coming up:
- New mobile app. The rollout of a new app will make reviewing and accessing superannuation details easier for REI Super members, anywhere and at any time.
- More member services. There will be significant enhancements to REI Super’s offering to fund members through a range of value-added services.
- Stronger relationships. The strengthening of relationships with REI’s across Australia, as well as the large franchise groups, will help make superannuation easier to administer for REI Super members.
- New employer tools. The development of a range of additional services for employers will make running a business easier and more efficient.
How to build your super balance
What’s the easiest way to build your superannuation balance? REI Super has provided the following tips to help you build your super faster.
1. Benefit from compound interest
Compound interest is the interest that you earn on previous interest earned. You can reap the benefits of compound interest regardless of your super account balance, income bracket or age. As your superannuation balance grows, so too do the benefits of compound interest over time.
2. Contribute to reduce your tax bill
Making additional contributions to your superannuation can help you to reduce the amount of income tax you pay. These can be either voluntary before-tax contributions (i.e. salary sacrifice) or voluntary after-tax contributions. It’s important to note that there are some restrictions and conditions around tax deductions for after-tax contributions.
3. Invest consistently
Rather than investing a lump sum, contributing smaller amounts to your superannuation on a regular basis (a strategy called dollar cost averaging) can help offset potential risks that may come with ups and downs in the market.
4. Access government assistance
There are Government initiatives designed to assist low-income earners. The amount you may be eligible for will depend on your earnings per annum.
5. Benefit together
If you work part-time or are not working at the moment, your spouse or partner may be able to contribute to your superannuation. On top of boosting your balance, your spouse or partner may also get a tax offset. For example, if you earn less than $37,000 per annum, they can add as much as $3,000 to your superannuation and receive an 18 per cent tax offset.
For more information about how to boost your superannuation, contact reisuper.com.au on 1300 134 433