“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.

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John Billington, Executive, Wealth said: “This is another great accolade for Bendigo SmartStart Super and the Bendigo Wealth team who developed and built this product.

“A top rating CANSTAR award of 5-stars, by this internationally recognised research provider, puts us in the Top 10% of funds rated in the pre-retiree category and underscores the low cost and popular features that make Bendigo SmartStart Super a smart choice for our customers.

“In a very well contested market, Bendigo SmartStart Super is one of only 15 superannuation funds rated to receive 5 stars in any category, so this result is one of which we can be justifiably proud.

“Bendigo SmartStart Super offers great value and the investment options can be tailored to suit everyone from a school-leaver working part-time to a senior manager or small business owner and their employees.

“We’ve freshened up our website too so that it’s never been easier to open a Bendigo SmartStart Super account.  There is now an easy to follow online application process for direct investors”, Mr Billington concluded.

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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.

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