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.
