We are delighted to announce that APRA has awarded AvSuper with a MySuper licence.
MySuper is part of the Government’s Stronger Super reform. It is simply a new class of super product to replace existing “default” arrangements from 1 July 2013.
A MySuper licence for AvSuper means that AvSuper is able to accept employer default contributions into the AvSuper Fund. Not all super funds will be able to do this nor will every fund be granted a MySuper licence.
As predicted, AvSuper was able to meet the new requirements with minimal changes and can now offer members a MySuper option which includes:
- a single investment option
- a standard set of fees that meet legislated requirements
- default levels of death and disability insurance
“AvSuper is now well positioned for a range of members,” said George Fishlock, AvSuper’s new Chair. “Members can be in MySuper and let us manage their super entirely or they can choose to have more control with our investment choice, member advice service and voluntary insurance.”