APRA has granted Vanguard Super Pty Ltd, a trustee of Vanguard Super, a registrable superannuation entity (RSE) licence, it announced on Friday.
Speaking to InvestorDaily, a spokesperson for Vanguard said the company expects to launch its offer by the end of the year.
“We are delighted to confirm that APRA has issued an RSE licence to Vanguard Super Pty Ltd, an important regulatory milestone,” Vanguard said.
“There is more to be done before we publicly launch Vanguard Super, however we are on track to open our superannuation offer to the public by the end of the year,” it added.
Vanguard first announced its intention to enter the super sector in late 2019, with the appointment of Michael Lovett as the head of the new division.
Speaking on Vanguard delving into super in late 2020, a spokesperson for the group said: “This is an ambitious plan, and it requires us to focus our long-term efforts on opportunities that enable us to better serve direct investors and their advisers.”
“We’ve built significant expertise in this space and we think our focus on high-quality retirement strategies coupled with our disciplined, low-cost approach to investing could potentially help more Australians reach their retirement goals.”
Moving closer to its goal in April last year, the group selected four people for the board of its new entity, including Peggy O’Neal as chair.
“I am delighted to join the board of Vanguard Super Pty Ltd and play a part in delivering greater choice to the Australian superannuation market,” Ms O’Neal said at the time.
“My involvement in both the Cooper Review and the implementation of the Stronger Super reforms impressed upon me the importance of continuous improvements in the provision of low-cost, high-quality superannuation offerings — elements that are central to Vanguard Super’s design.”
According to Vanguard’s latest update, the group plans to create a fund that will “keep super simple, transparent, and effective for our future members”.
“We are looking forward to sharing more details very soon”.
