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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“This award caps off a strong year for Sandhurst and our long standing partner, Investors Mutual Limited (IML), with IML recently being awarded the 2012 Morningstar Award for Domestic Equities. ” said Head of Sandhurst Trustees, Paul Rohan. 

“The Sandhurst IML Industrial Share Fund was named as the best performing large-cap fund against a field of many strong competitors. Established in 2001 the Sandhurst IML Industrial Share Fund has returned 8.66% p.a. since inception and over the 12 months to 30 June 2012 delivered a return of 6.33%.” 

“The Sandhurst IML Industrial Share Fund is intended to suit an investor primarily seeking long-term capital growth and income from a diversified portfolio of Australian industrial shares”, Mr Rohan concluded. 

Head of Funds Management at Bendigo and Adelaide Bank, Richard Morice, said: “We are very pleased to be partnering with IML.  They have a proven track record in managing Australian equities and focus on quality and value when researching companies.

Their approach and the Fund’s strategy provide customers with the opportunity to invest in a professionally managed portfolio of industrial shares that exhibits lower volatility compared to the total equity market”, Mr Morice concluded.

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