The Australian Prudential Regulation Authority (APRA) requires funds to offer an approved low-cost default product to be considered for MySuper registration.
REST and First Super join 20 other funds, including Combined Fund, the Commonwealth Superannuation Corporation, HESTA, Media Super and Professional Associations Super as funds that have had an offering gain MySuper approval.
The aim is to have registrable superannuation entities (RSE) so that savers can compare the simplicity, transparency and comparability of different products.
"This will result in more Australians being in a simpler more cost-effective product," REST Industry Super chief executive Damian Hill told InvestorWeekly.
Referring to the streamlining of communication and paperwork with the MySuper reforms, Mr Hill said the move will benefit both members and employers.
REST, which worked in conjunction with the government on its Stronger Super reforms, to date is one of the largest industry superannuation funds to be granted a licence.
"REST Industry Super has been a contributor to the development of MySuper in consultation with the government," Mr Hill said.
"We will continue to work with employers and members to inform them of these important changes as they occur to ease the transition."
In a sign that smaller funds are also achieving MySuper approval, First Super has also received a licence.
"FIRST Super has shown once again that small funds are just as capable as larger ones of meeting enhanced compliance requirements in a short timeframe," said First Super co-chair Michael O'Connor.
First Super targets members of the timber, pulp and paper, and furniture and joinery industries and has $1.8 billion under management.
"Despite the myth of economies of scale, First Super will remain one of the lowest cost funds while delivering good service to members," Mr O'Connor said.
