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MySuper authorisations continue roll out
Equip and Intrust are the latest superannuation funds to receive Australian Prudential Regulation Authority (APRA) approval to offer their defaults as complying MySuper products.
Equip chief executive Danielle Press said the fund had lodged its application in January with a view to being compliant by the launch of the new default system on 1 July 2013.
Press said MySuper was but one part of a much larger set of reforms in Stronger Super which included SuperStream.
"While it may be challenging to demonstrate the cost benefits to members of MySuper, it is important to recognise that the long‐overdue reforms brought by SuperStream should deliver real long‐term cost efficiencies and benefits to members and their employers," Press said.
She said the fund would power on with its plans to better equip members for retirement, enhance its product and service offerings and grow to ensure the scale to maintain its member benefits and services.
Intrust Super has also received authorisation to offer a MySuper product which would allow the fund to continue to service the hospitality and tourism industries, chief executive Brendan O'Farrell said.
"Receiving our authorisation is a tremendous milestone for the fund and will enable us to continue offering the best possible service to our clients, many of whom operate within the hospitality and tourism industry," said O'Farrell.
"These businesses deserve all the assistance possible in meeting their superannuation compliance requirements."
He said that businesses that were not linked to a MySuper option by next January may have compliance issues.
APRA deputy chairman Ross Jones, speaking at the Conference of Major Superannuation funds (CMSF) last week, said APRA had 40 MySuper applications it was currently processing. He said the applications had been of a good quality, but he expected it was due to the funds' diligence in following up with APRA.
He said it was likely the ‘good ones' were coming in first.
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