A statement released by the fund described the ‘Direct Access’ option as a “real alternative that is simpler than an SMSF”.
The fund cited statistics from the Australian Taxation Office that show 60 per cent of SMSF investments are in cash, term deposits and shares.
The new investment option was developed by the corporate superannuation fund in collaboration with UBS, and provides investors with access both to shares and term deposits.
Term deposits offered through Direct Access are offered through a panel of three banks: ME Bank, NAB and RaboDirect.
The funds in the platform’s cash transaction account are being managed by ANZ “at a rate higher than the bank’s official cash rate”.
Telstra Super chief executive Paul Curtin said the Direct Access will give the fund’s members “even greater control over their superannuation investment”.
“In the past three years, we have launched two other new investment options, Defensive Growth and Diversified Income, both of which have received very strong support”, said Mr Curtin.
The Defensive Growth option currently has $441 million in funds under management (FUM), and the Diversified Income option has FUM of over $204 million.
Telstra Super has more than 100,000 members and $13 billion in FUM.
