From July 1 this year, NESS Super will offer a default product which employers can contribute.
“It is a watershed moment for our fund [and] it is such a critical aspect of moving forward. It opens up a lot of opportunities,” Angie Mastrippolito the chief executive of NESS Super told InvestorWeekly.
The product on offer will be very similar to their existing offering, with the exception of the changes to their default insurance cover.
“We have looked at the insurance product and we have revamped that, but the MySuper product is, as with most industry funds, very similar to what we are providing now. It is more of a rebranding of the current balanced option,” Ms Mastrippolito said.
NESS plan to use the MySuper authorisation as a way to communicate and potentially attract new members.
“We are looking to rebrand. We are building a new website, we looking at using the web a lot more to communicate and for members joining up via web applications,” Ms Mastrippolito explained.
According to the Strong Super legislation, only funds that offer a simple low-cost default product can be approved for MySuper registration.
