Bendigo Wealth has launched a superannuation product called SmartStart Super targeted at consumers in their accumulation phase with an emphasis on low cost and flexible insurance features.
The fund, offered by the wealth arm of the Bendigo and Adelaide Bank, includes 10 investment options for members to choose from incorporating five passive alternatives and five active alternatives with managed expense ratios ranging from 0.39 and 0.99 basis points in conjunction with an administration fee of $98 per year.
Another defining feature of the fund is its age based default options designed to suit the differing needs of its members as they progress through the different milestone stages of their lives.
"As members join the fund they can do one of two things. They can elect to use the default age-based strategy, or they can choose their own investments," Bendigo Adelaide Bank head of funds management Richard Morice said.
"If they pick the age based strategy and they're under the age of 55 they are placed in a growth risk profile which has an 80 per allocation to growth assets and 20 per cent to defensive assets. When they turn 55 they are automatically switched over to a balanced profile, and again at the age of 60 they are switched into a conservative portfolio that has a 60 per cent weighting to defensive assets and the rest to growth assets."
The insurance component of SmartStart Super is provided by TAL and also incorporates life cycle flexibility.
"We've given members and advisers the opportunity to service age-based needs around insurance as well. When significant events occur we're making sure that members can actually take more insurance when their needs dictate that with very limited underwriting and a very easy process as well," Bendigo Adelaide head of wealth markets Alexandra Tullio said.
The insurance coverage includes death only, death and total and permanent disablement, and income protection.
In addition a high degree of support is offered to planners in regard to consolidating multiple client accounts and advisers can dial up the appropriate dollar fee they have agreed to charge the client.
