Joined Rest and their subsequent actions likely involve financial fraud to limit losses on their Core Strategy fund by milking new rollovers . . .Email today 2/7/2024:On 29/6 Rest’s negligence left me with no option but to instigate a switch from Core Strategy to Cash.Rest’s refusal to address the urgent issue and/or freeze my account shall not release Rest from its obligation to repay the loss in value of my rollover which loss has increased from $700 to $846 today. Please also note the following arising from our reading of “We’ve set you up in our Core Strategy investment option”. If the decreases in my rollover value from 165,502 to $164,802 then $164,656 today is due to a decline in Core’s value:1. Rest fully know the minute status of Core and would fully know if value is declining in real time.2. Setting-up new members in a declining fund is wilfully negligent and immoral.3. At the very least, Rest must give reasonable notice to a new member rolling-in that Rest’s defaultfund Core is losing money.4. No one of sound mind would roll into a losing fund.5. If the above is what’s occurring then it’s a strategy with criminal intent to lessen Core’s declining value.6. The ‘Default Option’ listed twice on Rest website clearly seeks to impress new members thatRest’s decision to “set you up” in Core is good for you. No warning or caution accompanies theseimages (see attached).3rd Email of 29/6 (in response to computer generated acknowledgement of switch):The reason I just switched from core to cash is to lower the risk of further fraudulent or unauthorised deductions from my newly rolled funds. Transaction History attached clearly show there is illegal activity on my account because fees total $3.75 not $700! Given the switch will not take effect until 3/7/24, please immediately freeze my account until the missing $700 is returned and my account is secure. I’ve also changed my password (likely pointless as the wrongdoing appears to be internal at Rest).Regards,2nd email of 29/6:I Just switched from core to cash to lower risk of further fraudulent or unauthorised deductions from my newly rolled funds. Will you immediately freeze my account until the missing $700 is returned and my account is secure. Transaction History attached clearly show there is illegal activity on my account as fees total $3.75 not $700! Also why are there two admin fees on the same day?Regards,1st email of 29/6:Just logged in to choose my investment and found $700 missing from yesterday’s rollover (from SMSF ABN _ _ _ _ _ _ _ _). Please return the money immediately!Regards,-Rest haven't responded to the above as of 3.55pm 2/7.-Rest live chat and phone support are a fob-off including "here's a link to APRA if you're not satisfied".
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Retail Employees Superannuation Trust is an Australian public offer industry superannuation fund established in 1988.