NGS Super focus on product as MySuper looms
NGS Super is the latest industry fund to receive the go-ahead from the Australian Prudential Regulation Authority (APRA) to offer a MySuper product mid-year.
Its current default product, the diversified investment option, has been determined as compliant with incoming legislation for new default products under MySuper.
NGS Super chief executive Anthony Rodwell-Ball said MySuper was part of a broader product focus for the fund.
"While the MySuper product isn't significantly different to our current default product, we are investing in product development across other areas at the moment," he said.
The fund will roll out a number of new initiatives over the next 12 months, he said.
According to Rodwell-Ball, although Stronger Super would make a positive change in many areas of superannuation, it wouldn't solve some of the bigger picture challenges.
"Funds still have the important job of educating Australians about how to save enough for retirement," he said.
Compliance with regulatory reforms was seen within a broader spectrum of ongoing improvements for the fund, he said, despite some of the difficulties in managing the raft of current compliance.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
Australia’s superannuation funds are becoming a defining force in shaping the nation’s capital markets, with the corporate watchdog warning that trustees now hold systemic importance on par with banks.
Payday super has passed Parliament, marking a major shift to combat unpaid entitlements and strengthen retirement outcomes for millions of workers.
The central bank has announced the official cash rate decision for its November monetary policy meeting.
Australia’s maturing superannuation system delivers higher balances, fewer duplicate accounts and growing female asset share, but gaps and adequacy challenges remain.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
225.31 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
120.73 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
72.47 3 y p.a(%)
4
Paradice Australian Mid Cap A
69.09 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
61.94 3 y p.a(%)
