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First MySuper application authorised
Sunsuper's MySuper application is the first to be authorised by the Australian Prudential Regulation Authority, the Minister for Financial Services and Superannuation, Bill Shorten, announced today.
From 1 July 2014 only products that meet MySuper standards will be able to accept contributions for employees who have not chosen their super fund.
Trustees of MySuper products will have a primary duty to act in the best interests of members, Shorten said, while the Government had restricted unnecessary or excessive fees.
He said the Future of Financial Advice (FOFA) and MySuper reforms were the right long-term settings for the future and negated the need for another inquiry into super.
"Sunsuper has been authorised to offer a MySuper product from 1 July 2013. This is a very welcome development because it means lower fees for members.
"This first authorisation is further evidence of the Gillard Government delivering on a major superannuation reform commitment made at the last election," Shorten said.
Shorten congratulated Sunsuper on being an industry leader.
"The MySuper reforms will lower fees and boost retirement incomes for millions of Australians.
"The industry is embracing our reforms and it is great news to see MySuper up and running," he said.
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