Commonwealth Bank launches super lifecycle product
Commonwealth Bank plans to enter the MySuper market with its new investment option, Essential Super.
The lifecycle-style product is a joint initiative between the group's retail banking service and Colonial First State Investments Limited, which will act as trustee of the new superannuation option.
It will be launched in July as a simple, low cost, low maintenance investment option, the bank said, with plans for it to become the bank's MySuper product and receive authorisation following the finalisation of reforms.
Commonwealth will offer the product through its branch network and its online banking system as a companion product to its transaction accounts for members, in order to consolidate their online banking and retirement savings.
"With Essential Super, we'll be able to offer customers a simple solution on the spot where they can view and manage their superannuation in NetBank alongside their everyday banking," said Colonial First State executive general manager Linda Elkins.
"It will also give our small business customers an easy way to pay their employees' super guarantee contributions."
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