Rest has introduced a new measure which will facilitate an easier split of superannuation assets in a divorce that should drastically reduce the amount of time required for separating couples to divide up assets.
Rest's Super Split initiative includes a new simplified plain-English form and a process that has removed the requirement for certified court orders. Rest will also accept uncertified court orders via email whereas previously certified orders needed to be lodged by post.
"The previous requirements, commonly used across the super industry, meant that members had to follow several complex steps to complete a super split request via their fund", said Rest chief executive officer, Vicki Doyle, said.
"Often the process could take months. It was important to make this process more efficient and easier to understand for members, at what is typically a difficult and stressful time.
Rest hopes the initiative will help reduce inequitable retirement outcomes for women, as they are more likely to lose out when it comes to superannuation, due to breaks away from the workforce.