AMP Financial Services will offer a lifestyle option and a balanced diversified option under the MySuper regulations.

“As customers move through their working life towards retirement, their portfolios will be managed with an increasing focus on protecting capital, while still aiming to deliver solid risk-adjusted returns to help support them in retirement,” AMP Financial Services managing director Craig Meller said.

“AMP’s lifecycle fund will offer targeted strategies and varied exposure to assets, including shares, property and infrastructure, in accordance with their age profile.”

In addition, Sandhurst Trustees will issue a MySuper product through Bendigo Wealth, 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 we will have the solution for them, whether it is a low cost, limited choice or a fully advised option.”

APRA has now approved 65 MySuper products.