The Minister for Financial Services and Superannuation Bill Shorten has welcomed the first MySuper application being authorised by APRA.
"Sunsuper has been authorised to offer a MySuper product from 1 July 2013. This is a very welcome development because it means lower fees for members," Mr Shorten said.
"This first authorisation is further evidence of the Gillard Government delivering on a major superannuation reform commitment made at the last election."
From 1 January 2014, only those products that meet the MySuper standards will be able to accept contributions for employees who have not chosen their superannuation fund.
Trustees of MySuper products will have a primary duty to act in the best financial interests of their members. In addition, the Government will restrict unnecessary or excessive fees by limiting the types of fees that trustees can charge and ensuring MySuper products are commission free.
"The MySuper reforms will lower fees and boost retirement incomes for millions of Australians," Mr Shorten said.
"The industry is embracing our reforms and it is great news to see MySuper up and running.
"I congratulate Sunsuper for being an industry leader and well done also to APRA for their efficient hard work."
We don't need more inquiries into superannuation and more uncertainty as the Coalition propose, because the Future of Financial Advice measures and MySuper reforms are the right long term settings for the future."
"MySuper will provide simple, cost effective default superannuation products, which will provide a significant improvement in the retirement outcomes of ordinary working Australians," he said.
APRA is currently examining other applications, and is expected to make further authorisations in coming days.