Queensland fund QSuper has joined the growing number of superannuation funds to gain Australian Prudential Regulation Authority (APRA) MySuper approval.
The fund, which represents present and former Queensland Government employees, gained its APRA MySuper Licence last week, with chief executive Rosemary Vilgan saying it represented a significant day in the fund's long history.
"As a fund we are always focussed on delivering the best outcomes for our members, and the approval of QSuper's MySuper licence will allow us to take the next step in the evolution of superannuation," she said.
Vilgan said the fund's MySuper product, QSuper Lifetime, was consistent with its long-term view on lifecycle investing.
"QSuper Lifetime moves beyond a one-size-fits-all approach found in most funds and will take into account a member's age, account balance and the economic environment," she said. "This is ground-breaking work and we are delighted to offer this to our members as QSuper's default MySuper option."
