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APRA approves REI Super for MySuper
REI Super has received authorisation from the Australian Prudential Regulation Authority (APRA) to offer a MySuper product from 1 July.
REI Super chief executive Mal Smith said the fund's existing default product, the trustee super balanced option, would become the fund's new MySuper investment option.
Smith said MySuper was a continuation of the fund's current investment approach — low fees, diversified investment options and strong investment returns.
"As REI Super is a fund named in both the Federal Modern Real Estate and Clerical awards, it continues to offer members and employers a highly suitable superannuation solution," he said.
"Our ability to offer a value-for-money default super fund for members also ensures employers in the real estate industry can meet the Government's requirements in relation to their super obligations."
Employers will be required to pay employees' super contributions into a MySuper product unless choice of fund has been exercised.
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