Bendigo Wealth gains approval to distribute MySuper products.
Sandhurst Trustees, which forms part of Bendigo Wealth, has been granted authorisation by the Australian Prudential Regulation Authority (APRA) to issue a MySuper product under the new regime implemented by the Australian Government.
From 1 January 2014, if a person has not chosen a super fund, their employer must pay their compulsory superannuation into a MySuper product.
Fast Facts about Bendigo MySuper:
- Bendigo MySuper will be the default investment within Bendigo SmartStart Super®, a fund that has been well-received in the market and has performed well relative to its peers.
- Bendigo MySuper fees will be the same as Bendigo SmartStart Super fees.
- Insurance cover will be provided on an opt-out basis by TAL Life Limited.
The investment strategy is a lifecycle strategy comprising three age bands:
- Bendigo Growth Index Fund – under age 55
- Bendigo Balanced Index Fund – age 55 to 59
- Bendigo Conservative Index Fund – age 60 and over
John Billington, Executive, Bendigo Wealth said: “We have been extremely pleased with the performance of Bendigo SmartStart Super and have in fact already been receiving enquiries about our MySuper product”.
“This is great recognition for Bendigo Wealth and we are very pleased to be one of the first retail fund providers to receive a MySuper authorisation”.
“Younger Australians and Gen Y’s in particular often don’t comprehend that their superannuation is going to be one of the most sizeable assets that they will ever have.
“We are firmly of the belief that our MySuper offering is well suited to those who are not yet ready to engage with their superannuation. When they do start to take an interest, we are confident that we will have the solution for them, whether it is a low cost, limited choice or a fully advised option,” Mr Billington concluded.