Retirement
Rest launches Innovate RAP to support fairer super outcomes for First Nations members
Retirement
Rest launches Innovate RAP to support fairer super outcomes for First Nations members
In a significant move towards reconciliation and inclusivity, Rest, one of Australia's largest profit-to-member superannuation funds, has unveiled its Innovate Reconciliation Action Plan (RAP). This initiative marks a pivotal step in Rest's ongoing commitment to creating a more equitable superannuation system, particularly for First Nations members.
Rest launches Innovate RAP to support fairer super outcomes for First Nations members
In a significant move towards reconciliation and inclusivity, Rest, one of Australia's largest profit-to-member superannuation funds, has unveiled its Innovate Reconciliation Action Plan (RAP). This initiative marks a pivotal step in Rest's ongoing commitment to creating a more equitable superannuation system, particularly for First Nations members.
Rest's Chief Executive Officer, Vicki Doyle, expressed her enthusiasm about the launch, highlighting its importance in the company's reconciliation journey. “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,” Doyle stated. This initiative builds upon the progress made since the fund's initial Reflect RAP, which was introduced in 2023.
The Innovate RAP outlines a series of practical actions aimed at improving the superannuation experiences and retirement outcomes for First Nations members. Doyle acknowledged the disparities within Australia's superannuation system, noting, “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.”
A key component of the Innovate RAP is a pilot project designed to enhance engagement with financial counsellors. These counsellors play a crucial role in guiding First Nations members through the complexities of the superannuation system. This initiative is supported by First Nations Foundation (FNF) and the Association of Superannuation Funds of Australia (ASFA). Rest plans to share insights and outcomes from this project with the broader superannuation industry to help standardise and streamline support for members.
Leah Bennett, Managing Director of First Nations Foundation, expressed her support for Rest's initiative. “First Nations Foundation is excited to support Rest’s Innovate Reconciliation Action Plan. 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,” Bennett remarked.
Rest's collaboration with First Nations Foundation as a trusted advisor underscores the fund's dedication to ensuring that First Nations voices are heard and respected. Doyle emphasised the importance of this partnership, stating, “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 Innovate RAP is not just a document but a strategic framework that guides Rest in its efforts to foster reconciliation and inclusivity. By focusing on tangible outcomes and partnerships, Rest aims to address the systemic barriers that have historically limited access and equity for First Nations members.
As Rest embarks on this new phase of its reconciliation journey, the fund is committed to sharing its learnings and successes with the wider industry. By doing so, Rest hopes to inspire other organisations to take similar steps towards creating a more equitable superannuation system for all Australians.
The launch of Rest's Innovate RAP represents a significant advancement in the fund's commitment to reconciliation and social equity. Through strategic partnerships, practical initiatives, and a focus on listening to First Nations voices, Rest aims to create a superannuation system that works for everyone, ensuring better retirement outcomes for its First Nations members.
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