From July 1 this year, Quadrant will offer a default product to which employers can contribute.
“The MySuper green light is a significant milestone for a boutique, member-owned fund like Quadrant. We’re gratified that our fund has made the grade,” Quadrant chief executive Wayne Davy said.
Increasingly smaller funds are beginning to comply with the legislation.
“Being granted our licence confirms that while we are a small fund, our innovative partnering strategies have lent us the scale we need to provide a competitive product in the MySuper space,” Quadrant corporate structure and strategy manager Linda Manaena said.
“Going forward, we’ll be seeking new opportunities to join with other funds to cement our place as a serious contender in the super industry,” she added.
The fund now plans to communicate the Stronger Super reform message to its members and brace for the new superannuation environment.
According to legislation, only funds that offer a simple, low-cost default product can be approved for MySuper registration.
