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MySuper authorisation a win for smaller funds, says Combined Super
Combined Super's default option has been licensed as MySuper compliant.
The authorisation comes in the face of industry expectations that smaller funds would struggle to win regulator approval to offer a MySuper product, the fund said.
"Because of the substantial amount of expertise and effort required to complete the application process, some smaller funds may lack the resources to undertake the process.
"Some may have already decided it's all too hard," Combined Super said.
The Australian Prudential Regulation Authority (APRA) had complimented the fund on the high quality of its application, according to Combined Super chairman John Evans.
"Our board and our administrator SuperBPO undertook the task as a team fully committed to achieving MySuper authorisation" said Evans.
"We worked closely with APRA throughout the application process.
"The board and executive team has undertaken significant research, planning and preparation for the introduction of MySuper, and our early approval is a credit to their expertise and commitment," said Michael Houlihan, Combined Super and SuperBPO chief executive.
The industry fund for workers in education and related sectors has spent a year researching member and employer preferences through focus groups, which led to a name change from Combined Fund to Combined Super.
Its administrator Super BPO has picked up a couple of new clients and will launch a scaled advice service in March off the back of member feedback.
Houlihan said he was not worried about leakage to self-managed super funds but rather retail funds, due to their strong adviser networks.
Fellow industry fund Cbus also announced its MySuper success this week and will roll out its 'Growth' option this year.
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