POWERED BY MOMENTUM MEDIA
First MySuper application authorised
Sunsuper's MySuper application is the first to be authorised by the Australian Prudential Regulation Authority, the Minister for Financial Services and Superannuation, Bill Shorten, announced today.
From 1 July 2014 only products that meet MySuper standards will be able to accept contributions for employees who have not chosen their super fund.
Trustees of MySuper products will have a primary duty to act in the best interests of members, Shorten said, while the Government had restricted unnecessary or excessive fees.
He said the Future of Financial Advice (FOFA) and MySuper reforms were the right long-term settings for the future and negated the need for another inquiry into super.
"Sunsuper has been authorised to offer a MySuper product from 1 July 2013. This is a very welcome development because it means lower fees for members.
"This first authorisation is further evidence of the Gillard Government delivering on a major superannuation reform commitment made at the last election," Shorten said.
Shorten congratulated Sunsuper on being an industry leader.
"The MySuper reforms will lower fees and boost retirement incomes for millions of Australians.
"The industry is embracing our reforms and it is great news to see MySuper up and running," he said.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
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.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Add new comment