Governance
ReddiFund is governed by a Trust Deed which established the Fund in 2004. A copy of the consolidated Trust Deed (which includes the original trust deed and all amendments) can be found in a link below.
The Trustee of the Fund is ReddiFund Limited. It has board of Directors with equal representation from both Employer and Union representatives with an Independent Chair. The operations of the Trustee company are governed by its Memorandum & Articles of Association which can be found in a link below.
The Board is responsible for setting the overall strategy for the Fund and ensuring it is operating in accordance with the Trust Deed and all applicable laws.
ReddiFund and its Board are committed to achieving and demonstrating the highest standards of corporate governance.
Website Disclosures – ReddiFund Limited
ReddiFund Limited (ACN 009 404 273) (ReddiFund) is the trustee and operator of two employee entitlement schemes:
- ReddiFund (Fund), established by trust deed dated 9 March 2004 (as amended); and
- WA Construction Industry Redundancy Fund (WACIRF Fund), established by trust deed dated 30 June 1989 (as amended).
The WACIRF Fund is closed to new members and new contributions. It continues to hold residual balances for members who have not yet claimed their entitlements.
ReddiFund provides the following disclosures in accordance with condition 8(e) of the ASIC Corporations (Employee Entitlement Schemes) Instrument 2026/199 (ASIC Instrument) in relation to each scheme.
Contributions to ReddiFund are not required by statute; however, if contributions are made, the following provisions shall apply:
8(m)(i) – How contributions will be used
ReddiFund: Employers contribute a set amount per week (or per day under an industrial agreement) for each eligible worker. 100% of each contribution is credited to that worker’s individual account. The fund exists solely to pay redundancy entitlements, and a worker’s full balance is available to claim when they qualify.
WACIRF Fund: The WACIRF Fund is closed and no new contributions are being accepted. When the fund was active, employers contributed a set amount per week (or part week) for each eligible worker. 100% of each contribution is credited to that worker’s individual account. The fund exists solely to pay redundancy entitlements, and a worker’s full balance is available to claim when they qualify.
8(m)(ii) – How income from contributions or scheme property will and may be used
ReddiFund: Investment income and other earnings may be used by the trustee, at its discretion, for further investment, reimbursing employers, returning contributions made in error, transferring money to another approved fund, paying administrative costs and tax and making payments to employers, workers or industry organisations. Accumulated surplus income may also be applied for paying worker entitlements, payments to industry organisations, employers or workers, and payments to charities or educational bodies that benefit workers.
WACIRF Fund: Each year, the fund’s income (after deducting redundancy payments made) is held by the trustee in equal shares for the two founding industry bodies. Either body may direct the trustee to pay or apply its share by resolution or written instruction. If income is insufficient to cover the trustee’s administration costs (including any shortfall against amounts owed to workers), both bodies must contribute equally from their respective shares. The trustee may also use fund income to pay all reasonable costs of running the fund.
8(m)(iii)(A) – Benefits payable upon termination of employment
ReddiFund: A worker can claim their full account balance when they stop working for a participating employer and are not offered comparable re-employment, provided they are not on paid leave. Workers who move into clerical, managerial or supervisory roles for 12 months or more may claim the portion relating to earlier non-supervisory work. If a worker dies, the balance is payable to their spouse, former spouse, child under 18 or legal representative.
WACIRF Fund: Workers who have not yet claimed can still claim their full account balance on the same conditions as ReddiFund. Clerical/supervisory transition claims are available after 12 months. Transfers to another fund are available on written request. There is no facility to defer a claim or make partial withdrawals.
8(m)(iii)(B) – Long service leave
Neither scheme provides long service leave entitlements. For long service leave in Western Australia, please contact MyLeave.
8(m)(iii)(C) – Other entitlements incidental to employment
Neither scheme pays any other entitlements connected to employment.
8(m)(iv) – Annual financial reports and auditor’s reports
Annual financial reports and auditor’s reports for each scheme will be published on this website within four months after the end of each financial year. The first financial year for each scheme begins on 1 July 2026 and may run for up to 18 months. No annual financial reports are currently available. In the meantime, the trustee will publish interim financial statements for each scheme, comprising a balance sheet, profit and loss statement and cash flow statement for a period ending between 1 July 2025 and 30 June 2026, together with any auditor’s report on those statements, as soon as practicable after they are prepared.
8(m)(v) – Significant risks
ReddiFund: The fund aims to maintain assets worth at least 110% of the total owed to workers, follows a conservative investment policy (requiring 75% board approval, with a 5% cap on investments connected to participating employers), uses an independent investment adviser (LGT Wealth Management), and has met every claim since 1989. Risks include: changes to awards or legislation affecting contribution levels, investment returns not keeping pace with liabilities, the trustee’s obligation being capped at the worker’s account balance, and licensing costs being paid from fund income, meaning the fund would need to stop operating if the licence is refused.
WACIRF Fund: The WACIRF Fund is closed. Remaining balances are subject to: investment risk (broad powers, 75% board approval required), counterparty risk, regulatory risk (licensing costs paid from fund income, fund may wind up if the licence is refused) and an asset segregation requirement (the trust deed requires separate accounts with no mixing of funds between the WACIRF Fund and ReddiFund).
8(m)(vi) – Rights to be paid fees from scheme property
ReddiFund: The trustee may pay from fund income all reasonable costs of administration, including tax, is indemnified from fund assets for liabilities incurred in performing its duties, and may engage and pay investment managers, lawyers, accountants, auditors and other advisers from the fund.
WACIRF Fund: The same arrangements apply. The trustee may pay administration costs from fund income, is indemnified from fund assets (limited to fund assets), and may engage and pay professional advisers from the fund.
8(m)(vii) – Agreements or arrangements for benefits from scheme property
ReddiFund: The trust deed allows accumulated surplus income to be paid to industry organisations, employers, workers, and approved charities or educational bodies. The industry organisations are employer associations and employee unions. The board has committed to applying surplus funds only for the benefit of workers. ReddiFund has a long-term sponsorship partnership with MATES in Construction WA.
WACIRF Fund: The fund’s annual surplus income is held in equal shares for the two founding industry bodies. Each may direct how its share is applied. Forfeited worker balances are also split equally between them. If the fund winds up, surplus is transferred to other redundancy schemes for construction workers, or if none exist, to an independent trustee for worker entitlements or forfeiture to the two bodies equally. The industry organisations are employer associations and employee unions.
8(m)(viii) – Complaints handling
ReddiFund has an internal complaints process for members of both schemes. Details of the complaints policy are available: https://reddifund.com.au/about-us/dispute-resolution/.