Sunsuper's MySuper application is the first to be authorised by the Australian Prudential Regulation Authority, the Minister for Financial Services and Superannuation, Bill Shorten, announced today.
From 1 July 2014 only products that meet MySuper standards will be able to accept contributions for employees who have not chosen their super fund.
Trustees of MySuper products will have a primary duty to act in the best interests of members, Shorten said, while the Government had restricted unnecessary or excessive fees.
He said the Future of Financial Advice (FOFA) and MySuper reforms were the right long-term settings for the future and negated the need for another inquiry into super.
"Sunsuper has been authorised to offer a MySuper product from 1 July 2013. This is a very welcome development because it means lower fees for members.
"This first authorisation is further evidence of the Gillard Government delivering on a major superannuation reform commitment made at the last election," Shorten said.
Shorten congratulated Sunsuper on being an industry leader.
"The MySuper reforms will lower fees and boost retirement incomes for millions of Australians.
"The industry is embracing our reforms and it is great news to see MySuper up and running," he said.
Australia’s second largest super fund has added thermal coal companies to its list of investment exclusions.
The fund has expanded its corporate superannuation solutions to partner with Australian businesses of all sizes.
The chief executive of Aware Super anticipates a significant shift in how ESG factors will influence portfolio values in the next six years, surpassing the changes witnessed in the past two decades.
In a recent statement, shadow assistant minister for home ownership and Liberal senator for NSW, Andrew Bragg, accused ‘big super’ of fabricating data attributed to the Reserve Bank of Australia to push their agenda.
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