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CSC streamlines investment in line with MySuper
Commonwealth Super Corporation (CSC) has been granted a MySuper licence and will streamline its investment options to coincide with the launch.
It said it received authorisation from the Australian Prudential Regulation Authority in February and was amongst one of the first funds to do so.
Its trustee choice investment option will be rebranded to MySuper Balance on 1 July 2013, with new insurance options being launched in conjunction with this, including death and total and permanent disability cover, death-only cover or an opt-out option implemented.
CSC said it would streamline its investment options, including closing its individual asset class investment options (except cash) from July this year and closing its balanced investment option as well.
CSC said the decision centred around the predominance of its retained options - 93 per cent of member assets are held in Trustee Choice, Conservative and Aggressive - and the costs associated with running a number of additional investment options.
It has implemented an operational risk reserve with target funding of $15 million, representing 0.40 per cent of funds, to comply with Stronger Super reforms to protect member interests.
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