Industry superannuation fund CareSuper has launched a new direct investment option that allows members to invest up to 75 per cent of their super in their choice of companies listed on the S&P/ASX 300 Index.
Members with a minimum of $10,000 in their CareSuper account can trade shares every day that the Australian Securities Exchange is trading, with the ability to invest up to 20 per cent of their total account balance in a single stock, as well as the flexibility to buy and sell share parcels with a minimum value of $500 via an online cash account.
The new direct investment option replaces the previous ASX 200 option, which was in place for more than three years.
"The new option specifically allocates each share parcel to a person, which is a great improvement on the previous option. It makes accounting for tax, for example, much easier," CareSuper chief executive Julie Lander said.
The new option was partly in response to the competition from self-managed super funds, Lander said.
"We already had an ASX200 option, so it is not a new concept for us, but it caters for people that want more control," she said.
The new option will be rolled out in two stages.
The first stage allows members to perform all transactions on a secure online platform via CareSuper MemberOnline.
The second stage is scheduled for 2012, and will include direct online access to the direct investment account, the opportunity to take part in dividend reinvestment plans and the option to take part in certain types of corporate actions.
CareSuper is also considering adding different types of investments to the direct investment option's menu in the future.
The direct investment option is supported by a platform provided by Macquarie Investment Management.
