“As it currently stands, our APRA authorised Bendigo MySuper product is excluded from being a default fund under modern awards, which is disappointing for employers who would like to choose a well-regarded, low-cost superannuation fund for their employees.

“We’ve done the right thing by consumers in building an excellent MySuper product with a very low fee structure and all we are asking is for the opportunity to be able to finally compete on a level playing field.

“Every Australian employer should have the right to choose a  default superannuation fund for their valued employees if they do not wish to select from the limited options named in the relevant Modern Award.

“Superannuation is the most important investment most people will make and Bendigo SmartStart Super has been recognised by www.superguide.com.au  as the second cheapest fund that anyone can join. It also carries a 5 star CANSTAR rating for quality in the MySuper category.

“If our MySuper product is authorised by APRA, then we should automatically be eligible to be a default fund irrespective of modern awards. Logic dictates that we should be able to offer our product to employers and their employees everywhere.

“Restrictive trade practices have never been a good thing for consumers, and we welcome the opportunity  to compete equally through our extensive branch network and importantly, in rural and regional Australia where access to financial services can be problematic”, Mr Billington concluded.

Paul Rohan, General Manager, Sandhurst Trustees said: “Bendigo offers a superannuation product that is cheaper in terms of fees than the average default fund. We enjoy tremendous brand loyalty from customers who want the option of being able to choose our superannuation products for their employees.  Our bank regularly tops the lists for service in business banking and customer satisfaction. Our objective is to make superannuation easier for employers, particularly small business employers and their employees.

“Sandhurst Trustees has more than 127 years’ experience in acting as a trustee and we look forward to being able to offer MySuper more broadly in the community. We believe that a mid-tier regional financial services provider with a quality authorised superannuation product should be offered equal market access.

“We put a lot of thought into making sure this product was right for the MySuper market and it has been extremely well received. All APRA authorised MySuper  products should be allowed to compete for all default super contributions in order to encourage competition and bring about lower fees across the superannuation industry as a whole”, Mr Rohan concluded.

The post We’re ready. Time to knock down the default super wall. appeared first on AdviserVoice.