NAB will be offering MLC MySuper and Plum MySuper at the end of the year as extensions of its existing corporate super products MLC MasterKey Business Super and the Plum Super Fund. The two new products offer a single diversified investment strategy aimed at providing growth and diversification to help maximise retirement outcomes for members.
“Our MySuper offers are fully integrated with more than 40 investment options available on our corporate super products to give members more choice when it comes to their retirement,” said Paul Carter, NAB executive general manager for corporate and institutional wealth.
Austsafe and the Aon Master Trust were also pleased to have their super products approved.
AustSafe Super chief executive Craig Stevens said MySuper would mean a more simple set of product features, making it easier for members to compare funds.
“This approval means, for our employers, it’s business as usual and they can continue paying their [super guarantee] contributions to us with the complete confidence that we are able to help them meet their super obligations,” Mr Stevens said.
Pierre Kraft, managing director of Aon Hewitt wealth management, also noted the importance of the authorisation.
“It provides confidence to our members, employers and stakeholders that we are prepared and compliant for the changes in superannuation as we continue to deliver quality retirement products and solutions,” said Mr Kraft.
NAB’s Plum and MLC MySuper will offer tailored workplace insurance or life-stage insurance designed to provide members with the most appropriate level of cover based on their age.
AustSafe will also be offering a simple, cost-effective option similar to its current default offering. Aon MySuper’s investment option uses a lifestyle approach where the investment mix adjusts gradually as members age, focusing on growth assets with younger members and moving towards defensive assets as members approach retirement.
The three new approvals bring the total number of MySuper-approved products to 68.
