Sandhurst Trustees, which forms part of Bendigo Wealth, has received authorisation by the Australian Prudential Regulation Authority (APRA) to issue a MySuper product under the new regime implemented by the Australian Government.
Bendigo Wealth executive John Billington has said that Bendigo MySuper will benefit Gen Ys as well as other young Australians. The executive has said that, “younger Australians and Gen Ys in particular often don’t comprehend that their superannuation is going to be one of the most sizeable assets that they will ever have and we are firmly of the belief that our MySuper offering is well suited to those who are not yet ready to engage with their superannuation.”
Billington has spruiked the MySuper product to Gen Ys assuring them that when they are ready to take an interest in superannuation, “we will have the solution for them, whether it is a low cost, limited choice or a fully advised option.”
The MySuper product comprises three age bands: Bendigo Growth Index Fund for under 55, Bendigo Balanced Index Fund for the age bracket between 55 and 59 and Bendigo Conservative Index Fundover for 60 and over.