Business embracing Government's MySuper reforms
The Minister for Financial Services and Superannuation Bill Shorten today officially launched ING Direct's new superannuation fund.
ING Direct launched a new simple and cost-effective superannuation product that will be free of administration, contribution and management fees – an Australian first. ING Direct's product has been designed with the Government's MySuper reforms in mind.
"It's encouraging to see the superannuation industry embracing the Government's MySuper reforms, and offering new innovative, simple and cost-effective products. These products ensure that members get a fair deal and do not pay over the odds when saving for their retirement" Mr Shorten said.
By placing downward pressure on fees, the Government's MySuper reforms are estimated to save Australians $1.7 billion in fees annually in the longer term.
"The Government has transformed superannuation to ensure superannuation is properly serving the interests of members."
"We have passed legislation to improve regulatory, governance and efficiency settings in superannuation." Mr Shorten said
The Government looks forward to the introduction of more simple and cost-effective products and greater competition as the commencement of MySuper on 1 July 2013 approaches.
4 September 2012