IOOF has received its MySuper license approval from the Australian Prudential Regulation Authority (APRA) and has signalled it will be offering a "dynamically managed diversified investment strategy" via its IOOF Balanced Investor Trust.
The company said it would begin offering its MySuper product from 1 January, next year.
Commenting on gaining APRA approval for the MySuper product, IOOF managing director Chris Kelaher said it offered members an appropriate investment option for those who don't make a choice.
"Our superannuation platforms have always offered clients and advisers access to quality investment options, industry leading customer service and value for money. IOOF MySuper is simply a continuation of this approach," he said.
Kelaher said that instead of adopting a lifecycle fund strategy in MySuper, IOOF would offer investors a dynamically managed diversified investment strategy via the IOOF Balanced Investor Trust.
"IOOF will look to complement this solution with a range of tools and services to help investors manage retirement outcomes incorporating a range of factors including time to retirement," he said.
