Gen Ys and other young Australians will benefit from Bendigo Wealth’s MySuper offering, following its authorisation by the Australian Prudential Regulation Authority (APRA).
Sandhurst Trustees, which forms part of Bendigo Wealth, will issue the MySuper product which will be the default investment within Bendigo SmartStart super.
Bendigo Wealth executive John Billington said that Bendigo MySuper will help young Australians and other customers who are not engaged in their super.
“Younger Australians and Gen Ys in particular often don’t comprehend that their superannuation is going to be one of the most sizeable assets that they will ever have,” Mr Billington said.
“We are firmly of the belief that our MySuper offering is well suited to those who are not yet ready to engage with their superannuation.
“When they do start to take an interest, we are confident that we will have the solution for them, whether it is a low cost, limited choice or a fully advised option.”
The MySuper product is a lifecycle strategy comprising three age bands broken into under 55, between 55 and 59 and over 60.
Bendigo Wealth said its insurance offering will be provided on an opt-out basis by TAL Life Limited.
“We have been extremely pleased with the performance of Bendigo SmartStart Super and have in fact already been receiving enquiries about our MySuper product,” Mr Billington said.
“This is great recognition for Bendigo Wealth and we are very pleased to be one of the first retail fund providers to receive a MySuper authorisation.”
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