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Professional Associations Super lodges MySuper application
Professional Associations Super has lodged its MySuper licence application with the Australian Prudential Regulation Authority (APRA).
The move comes well ahead of the cut-off date of 30 June 2013 and the official introduction of MySuper on 1 July 2013.
Professional Associations Super chief executive Megan Bolton said it had liaised closely with APRA over the past year to ensure alignment with key legislative changes.
"The fund has continued to be at the forefront of implementing regulatory reforms in the development of our MySuper offering," she said.
The fund's board and executive team had undertaken extensive research, planning, preparation and investment to ensure it stayed ahead of mandatory deadlines and the official introduction of MySuper, she said.
"Today marks a key milestone in the fund's 20 year history as we launch into a MySuper environment through the lodgement of our application with APRA," Bolton said.
Professional Associations Super chairman Frank Gullone said, "The super industry is no stranger to change, and the board has utilised its diverse and deep skill set to ensure the fund is not only ready for MySuper in an environment of change, but is also positioned to add value to members in its offering."
The Assistant Treasurer and Minister for Deregulation, David Bradbury, welcomed the first round of MySuper applications last week and highlighted the Gillard Government's superannuation reforms.
Funds that leave the application process closer to the deadline of 1 July 2013 will need to rely on transitional provisions within the MySuper legislation.
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