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Open up default super, says Bendigo

By Reporter
2 minute read

Bendigo Wealth has called for an end to the "restrictive trade practices" that prevent its MySuper product from being considered for inclusion within modern awards.

Bendigo Wealth executive John Billington said it was "disappointing" that employers cannot choose the Bendigo MySuper product for their employees.

"We’ve done the right thing by consumers in building an excellent MySuper product with a very low fee structure and all we are asking is for the opportunity to be able to finally compete on a level playing field," Mr Billington said.

"Every Australian employer should have the right to choose a default superannuation fund for their valued employees if they do not wish to select from the limited options named in the relevant modern award," he said.

Authorisation from APRA should make all MySuper products automatically eligible to be a default fund, Mr Billington argued.

"Logic dictates that we should be able to offer our product to employers and their employees everywhere," he said.

"Restrictive trade practices have never been a good thing for consumers, and we welcome the opportunity to compete equally through our extensive branch network and importantly, in rural and regional Australia where access to financial services can be problematic."