Commonwealth Bank plans to enter the MySuper market with its new investment option, Essential Super.
The lifecycle-style product is a joint initiative between the group's retail banking service and Colonial First State Investments Limited, which will act as trustee of the new superannuation option.
It will be launched in July as a simple, low cost, low maintenance investment option, the bank said, with plans for it to become the bank's MySuper product and receive authorisation following the finalisation of reforms.
Commonwealth will offer the product through its branch network and its online banking system as a companion product to its transaction accounts for members, in order to consolidate their online banking and retirement savings.
"With Essential Super, we'll be able to offer customers a simple solution on the spot where they can view and manage their superannuation in NetBank alongside their everyday banking," said Colonial First State executive general manager Linda Elkins.
"It will also give our small business customers an easy way to pay their employees' super guarantee contributions."
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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