Industry superannuation fund Prime Super has joined the growing list of funds to gain approval from the Australian Prudential Regulation Authority (APRA) for a MySuper product.
Confirming the APRA approval this week, Prime Super chief executive Lachlan Baird said it showed the fund was well placed to deal with the demands of the Government’s Stronger Super policy.
“This is incredibly important for our registered employers,” he said.
“In the midst of quite a bit of superannuation change they’ll have one less thing to worry about.”
Baird said that now that the fund had its MySuper licence approved, it would focus its attention on the Government’s broader Stronger Super reforms including educating employers about the SuperStream data standards and how this would affect the way they interacted with the fund.
The central bank has announced its latest rate decision amid stubborn inflation and increasing geopolitical tension.
Aware Super has outlined its systematic approach to corporate engagement as institutional investors increasingly assert their influence on company boards and take on an active stewardship role.
The country’s second-largest super fund has completed its fourth SFT this past financial year and welcomes almost 5,000 new members.
The corporate fund has announced it is seeking a suitable merger partner as the number of corporate super funds in Australia continues to dwindle.
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