Funds pre-empt MySuper rebadge

A number of industry funds have started down the path of rebadging their default option as a MySuper product and seeking approval by the Australian Prudential Regulation Authority (APRA).

TWUSuper has advised its members it is positive its balanced default option meets the requirements of MySuper and will pass the authorisation process, after lodging its MySuper application in February.

"The good news is the Trustee believes the TWUSuper ‘Balanced (default)' investment option already meets the requirements of MySuper. The option has always been a low-cost super offering with a simple investment strategy and no entry fees or commissions.

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"Therefore, TWUSuper members can rest assured that, pending approval by APRA, their fund will have a MySuper option," it said.

REI Super has also advised its default fund members that it has applied for MySuper approval and expects APRA to approve its current default option.

Media Super acting chief executive Michael Rooney said the fund had received its authorisation on 1 March and would offer its balanced option as a MySuper product.

"Media Super's existing default investment, the Balanced option, already contains many of the low-cost attributes required of MySuper and as such we submitted that option as our MySuper product.

"Members currently in the Balanced option will be transferred to the MySuper product in July," he said.

Media Super's board and executive team had undertaken extensive planning around the reforms and applied early, Rooney said.

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