Plum and Virgin Super funds have secured their MySuper authorisations, increasing the total number of products available to 65, according to the Financial Standard.
The two funds bring the number of retail groups now with MySuper authorisation to seven which include AMP, Bendigo, BT/Westpac, CFS/Commbank, NAB/Plum, Suncorp and Virgin.
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Employers should select MySuper products as their default funds by 1 January 2014.
Financial Standard reported that Plum is the first foray of the NAB/MLC group into the MySuper race, signalling that MLC authorisations should follow soon.
Plum’s MySuper product will be known as Plum MySuper while Virgin’s will be called Virgin Super Essentials.
Trustee services provider The Trust Company will administer Virgin Super Essentials.
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By GlobalDataAccording to the news agency, the latest authorisations also bring the number of funds to 22 whose MySuper products have been revealed by the regulator, the Australian Prudential Regulation Authority since July 2013.
