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Catholic Super MySuper ready
Catholic Super is MySuper-ready after being approved by the Australian Prudential Regulation Authority (APRA) to offer a default superannuation product under incoming reforms.
The fund will launch MyCatholicSuper on 1 October 2013 ahead of the 1 January 2014 deadline.
Although some funds have had to rejig their products in order to meet the regulator's MySuper requirements, Catholic Super said it had been able to retain its current default model.
It said this represented an independent endorsement that its employers and members were already benefitting from high quality, low cost superannuation.
The industry fund said it would contact members in the lead-up to its MySuper launch and urged employers and employees to call its member services line.
It is one of a number of industry funds that have gained a MySuper licence in the lead-up to the implementation of new default arrangements. APRA's most recent data indicated that there has been a steady increase in allocations to default funds, with 42.9 per cent of total trustee assets held in the default investment strategy as of 30 June 2012.
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