CareSuper has received authorisation from the Australian Prudential Regulation Authority (APRA) to offer a MySuper product.
Its balanced default option will become the fund's new default option from 1 July 2013.
CareSuper said it would be a very straight-forward transition for members.
It also announced this week it would launch further direct investment options to complement its ASX300 option.
Industry funds REST Industry Super, HOSTPLUS, HESTA, NESS Super, TWUSUPER, Media Super and Club Plus Super have all received authorisation for MySuper.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
A member of the super fund has approached ASIC to investigate potentially misleading or deceptive representations by UniSuper regarding the holdings of its sustainable portfolios.
The median growth fund delivered 1.9 per cent in March, adding to the “stunning” rally that has seen super funds gain 11 per cent since November.
Vanguard has affirmed its support for the current super performance test, emphasising the importance of keeping the process straightforward.
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