The Minister for Financial Services and Superannuation Bill Shorten attended the launch of ANZ's new superannuation fund today.
ANZ's new Smart Choice product has been designed with the Government's MySuper reforms in mind. It has an investment fee of half a per cent or 50 basis points, and annual administration fee of just $50.
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.
"It's encouraging to see the superannuation industry embracing the Government's MySuper reforms, and offering new innovative and affordable products. These products ensure that members get a fair deal and maximise their retirement savings," Mr Shorten said.
"The Government has transformed superannuation to ensure it 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 affordable products and greater competition as the commencement of MySuper on 1 July 2013 approaches.