Australia-based industry super fund AustSafe Super has been granted MySuper authorisation by the Australian Prudential Regulation Authority (APRA).

Starting from 1 January 2014, only those superannuation funds with an approved MySuper offering will be able to receive superannuation Guarantee (SG) contributions for employees who have not chosen a fund.

The fund, which serves rural and regional industries and communities in Queensland, has 130,000 members and funds under management of just under A$1.5 billion.

AustSafe Super CEO, Craig Stevens, said that MySuper is a welcome development and will result in a simpler set of product features and allow members to compare funds more easily.

AustSafe Super has a team of regional managers in rural and regional areas to help members and employers.

Stevens said: "We’re pleased to offer members a simple and cost effective option similar to our current default offering to help achieve their retirement goals.

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"This approval means for our employers, its business as usual and they can continue paying their SG contributions to us with the complete confidence that we are able to help them meet their super obligations.

"We appreciate that regulatory changes can be confusing, so we’re committed to helping members and employers make sense of these changes and work with them every step of the way," Stevens added.