Industry fund Tasplan Super has launched a lifecycle investment option for its default members.
The Tasplan OnTrack default option is a lifecycle product that adjusts its asset allocation as members age.
Lifecycle MySuper products have traditionally been the domain of retail funds, with industry funds First State Super, QSuper and Sunsuper being notable exceptions.
According to Mercer, as at 31 December 2015, 21 of the 29 MySuper lifecycle providers were retail funds.
The Tasplan product is divided into four age categories – below 49, 50-54, 55-59 and over 60. They are named Build, Sustain, Control and Maintain respectively.
The asset allocations for each stage range 90/10 growth/defensive for Build to 45/55 for Maintain.
Tasplan chief executive Wayne Davy said the product will help members guard against “big losses that could ruin their retirements”.
“Our members deserve an investment strategy that meets their needs, no matter what stage of life they’re at,” Mr Davy said.
“They want an option that focuses on generating wealth over the long term as they grow their super but also protects them from market ups and downs as they approach retirement.”