More MySuper approvals
Sandhurst Trustees, which forms part of Bendigo Wealth, has been granted authorisation by the Australian Prudential Regulation Authority (APRA) to issue a MySuper product.
Bendigo Wealth executive John Billington said it had already been receiving enquiries about a MySuper offering from clients.
"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," he said.
Billington said that once super members were ready to engage, he was confident the bank would have a solution for them.
Commonwealth Bank Group Super has also announced it will enter the MySuper market following approval by APRA. It said it will simply rebadge its Accumulation Plus Mix 70 investment option and launch on 1 October.
AMP announced it was MySuper-ready yesterday and has plans to launch two products - a lifecycle and a balanced diversified option - from 1 January 2014.
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