The Assistant Treasurer has announced that APRA on Thur 3.1.2013, received the first MySuper applications from superannuation funds. MySuper is a new cost effective, simple superannuation product that super funds will be authorised to offer from 1 July 2013.
Key MySuper features include:
- standardised disclosure of costs, fees, risk and returns, making comparisons easier;
- a ban on the payment of sales commissions and entry fees; and
- new standards for the payment of performance fees to fund managers.
Funds will also have to disclose executive pay and the assets they have invested in.
[LTN 1, 3/1/13]