POWERED BY MOMENTUM MEDIA
UniSuper default option authorised for MySuper
UniSuper's existing ‘balanced' investment option will continue to be offered as its default option following MySuper approval by the Australian Prudential Regulation Authority (APRA).
"Given the investment strategy of our ‘Balanced' option with its consistently strong investment performance — and our existing insurance offering — already met the criteria for MySuper, we did not need to develop a new product," UniSuper executive manager, member and employer solutions Chris Davies said.
"We are very pleased that UniSuper received approval from APRA, which reflects the great value we have been providing to existing members over an extended period.
"Our members will continue to benefit from our investment management expertise, a low set of fees, and access to default Death and Total and Permanent Disablement (TPD) insurance cover."
The industry fund for the higher education and research sectors said it planned to implement MySuper prior to 1 January 2014 when employers were required to pay superannuation into an authorised MySuper product.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
Specific valuation decisions made by the $88 billion fund at the beginning of the pandemic were “not adequate for the deteriorating market conditions”, according to the prudential regulator.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.56 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.06 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.81 3 y p.a(%)
