Rest Super will give its board more oversight of how it handles the payout of savings to the families of members who have died and fast-track thousands of those matters in an overhaul known internally as Project Scarlet.

Rest is one of the largest industry superannuation funds in the country, managing the retirement savings of predominantly retail workers. The fund, which oversees about $92 billion, was identified as the slowest to pay out families in a review conducted by the corporate regulator this year.