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Lifestage funds solve MySuper riddle for BT
The Australian Prudential Regulation Authority (APRA) has given the green-light for BT Financial Services to launch lifestage funds as its MySuper investment options.
BT Super For Life, BT Lifetime Super — Employer Plan, BT Business Super and Asgard Employee Super Account have all passed the regulator's tests and will be launched as MySuper options on 1 October this year, the fund announced.
Deanne Stewart, BT Financial Group general manager of superannuation, said the group had a strong history managing lifecycle funds in Australia.
"Through BT Super for Life we have a proven track record in actively managing lifestage funds for members," she said.
The BT Super for Life 1960s Lifestage Fund topped Chant West's annual performance report for the 2012-13 financial year, returning 18.6 per cent.
"This investment philosophy has now been applied across the superannuation range for the benefit of all default members," Stewart said.
Retail super players would push for superannuation market share with lifecycle options, and would appeal to members through the convenience of combining banking needs with compulsory superannuation, Rice Warner advised late last year.
Last month fellow retail superannuation provider Commonwealth Bank teamed up with Colonial First State Investments Limited to launch its lifecycle MySuper option, Essential Super.
Corporate super fund Telstra Super has also progressed with its MySuper obligations, announcing its existing accumulation products currently meet the legislated requirements. It has submitted its application and expects to receive APRA approval later this year.
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