Another industry superannuation fund has received MySuper authorisation from the Australian Prudential Regulation Authority (APRA).
Professional Associations Super announced it had received authorisation from the regulator this week, effective from 1 July, this year.
Confirming the APRA authorisation of the fund's MySuper product, Professional Associations Super chief executive Megan Bolt said the product was among the first 10 to be authorised under the new arrangement.
"This is a huge achievement in moving the fund forward, and I'd like to commend the board and executive team for all their work in reaching this milestone," she said.
"Our MySuper offering will be similar to our current default offer – Growth investment option – which remains as a low-cost and highly competitive product, suited to the members of the fund."
