UniSuper's existing ‘balanced' investment option will continue to be offered as its default option following MySuper approval by the Australian Prudential Regulation Authority (APRA).
"Given the investment strategy of our ‘Balanced' option with its consistently strong investment performance — and our existing insurance offering — already met the criteria for MySuper, we did not need to develop a new product," UniSuper executive manager, member and employer solutions Chris Davies said.
"We are very pleased that UniSuper received approval from APRA, which reflects the great value we have been providing to existing members over an extended period.
"Our members will continue to benefit from our investment management expertise, a low set of fees, and access to default Death and Total and Permanent Disablement (TPD) insurance cover."
The industry fund for the higher education and research sectors said it planned to implement MySuper prior to 1 January 2014 when employers were required to pay superannuation into an authorised MySuper product.
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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