BT receives MySuper licence approval.
BT Financial Group has received approval from the Australian Prudential Regulatory Authority for its MySuper licences and will launch actively-managed lifestage funds as its MySuper solution.
A lifestage fund means that the asset allocation automatically changes to be more conservative as a person nears retirement age.
BT Financial Group, one of Australia’s largest providers of superannuation funds, has received approval for:
- BT Super for Life
- BT Lifetime Super – Employer Plan
- BT Business Super
- Asgard Employee Super Account.
BT Financial Group General Manager of Superannuation, Deanne Stewart, said BT was well-placed under the MySuper regime as it had a strong history actively managing lifestage funds for Australians.
“BT has long believed that an important part of the success of the superannuation system is the best possible investment outcomes for members. We believe this will be achieved through having lifestage funds which are actively managed during a person’s life.
“Five years ago we launched BT Super for Life, a low-cost superannuation account for all Australians. This fund has been one of the strongest performers in the most recent financial year.
“Through BT Super for Life we have a proven track record in actively managing lifestage funds for members. This investment philosophy has now been applied across the superannuation range for the benefit of all default members.”
BT Financial Group’s MySuper products will be available from 1 October 2013.