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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.
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