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LGsuper passes MySuper test
LGsuper has received Australian Prudential Regulation Authority (APRA) approval to offer a default superannuation product when MySuper is implemented next year.
MySuper products will roll out mid-year; however, the fund will launch its new default option on 1 January 2014.
LGsuper said strong governance and cost-effectiveness were hallmarks of its approval.
"We're committed to delivering strong investment returns and a simple fee structure so you enjoy excellent value and more money in retirement," it said.
The fund said MySuper was simply an extension of its strategy.
"LGsuper's successful application for a MySuper licence highlights APRA's confidence in our fund's ability to offer a value-for-money default product for members," it said.
"It also means our employers are assured they can meet the Government's requirements to make contributions into a MySuper product."
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