Aware Super has rolled out a suite of investment options catering to members seeking high growth opportunities, including a new High Growth Socially Conscious actively managed option and a new High Growth Indexed option as well as its pre-existing core High Growth actively managed option.
According to the fund, more than 5,000 members have already moved about $340 million of their super into the two new High Growth options, including a significant number from VicSuper, whose members transferred to Aware Super in April.
Aware Super explained that its “all-new investment menu” has been delivered as a key pillar of the fund’s digital transformation project.
Namely, the fund has consolidated more than one million members from five legacy technology systems into a single administration and registry platform enabling it to completely redesign its investment offerings, underpinned by the benefits realised with the new scale.
“Consolidating more than one million members from five legacy technology systems into a single administration and registry platform enabled the fund to completely redesign its investment offerings,” the fund said in a statement on Friday.
Steve Travis, Aware Super’s group executive, member growth, said the new investment suite was based on thorough market research, analysis of member feedback and global trends.
“We’re here to help our members save for, prepare for and live their best possible retirement,” Mr Travis explained.
“Throughout that journey, we want to deliver that help in a way that’s completely aligned with their values, their retirement objectives and their appetite for risk. Our new investment options go hand-in-glove with that objective.”
“We’ve put our members at the very heart of this process, working alongside them to ensure the new options will help members achieve their investment objectives, with a rigorous focus on keeping fees as low as possible.”
Mr Travis added that while Aware Super’s default investment approach, MySuper Lifecycle, remains the fund’s core product, many members want to exercise more control over aspects of their super.
“Many of these members want a socially conscious option that’s not only aligned with their values, but also with their risk appetite. Others want the lowest-cost option available, while also having choice around risk. Our new investment menu provides all this flexibility for our members and we know it will prove incredibly popular.”
Aware Super members with MySuper Lifecycle have their super invested in the fund’s core High Growth option until they turn 56, before the risk in their portfolio is then gradually and automatically reduced as they approach retirement age.