Industry super fund Media Super has submitted an early MySuper application with the Australian Prudential Regulation Authority (APRA).
The super fund has applied to have its existing superannuation product, the Balanced option, lodged as a MySuper product.
“The government has specified a list of key features that a MySuper option must contain, including a simple investment strategy with no commissions or entry fees,” Media Super acting chief executive Michael Rooney said.
“Media Super’s current default investment, the Balanced option, already contains many of the low cost attributes required of MySuper and as such, we have submitted that option as the basis of our application.
“We will be ready for the 1 July start-up date and are beginning the process of communicating to members and employers through our half-yearly statement cycle.”
Media Super has also made plans to improve fund transparency for its members by launching an Asset Disclosure Project in 2013, which will further the information provided about investments found in the super fund’s annual report.
“On a regular basis we will disclose the fund’s holdings across domestic and international shares, property, infrastructure and other underlying portfolios,” Mr Rooney said.
“We are committed to improving fund governance and ensuring transparency for members around our investment operations and activities. The Asset Disclosure Project is a further example of progress in this important area.”
