CareSuper has received authorisation from the Australian Prudential Regulation Authority (APRA) to offer a MySuper product.
Its balanced default option will become the fund's new default option from 1 July 2013.
CareSuper said it would be a very straight-forward transition for members.
It also announced this week it would launch further direct investment options to complement its ASX300 option.
Industry funds REST Industry Super, HOSTPLUS, HESTA, NESS Super, TWUSUPER, Media Super and Club Plus Super have all received authorisation for MySuper.
Amid a challenging market environment, three super fund CIOs have warned against ‘jumping at shadows’.
The professional body is calling for the annual performance test to transition to a two-metric test, so it better aligns with the overarching duty of super fund trustees to act in the best financial interests of their members.
AustralianSuper, Rest, and HESTA agree on the need to retain and enhance the test, yet they differ in their perspectives on the specific areas that warrant further refinement.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
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