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Vanguard launches its first superannuation product in Australia

Vanguard Australia Managing Director Daniel Shrimski says the company believes saving for retirement shouldn’t be complex
By Goh Thean Eu   
November 14, 2022

US asset manager Vanguard Group Inc has launched its first superannuation fund in Australia, describing it as a “compelling” product which “combines real simplicity with smart global investment”.

The Vanguard Super SaveSmart offers members a range of index-based diversified and single sector investment options, Vanguard Australia says in a statement on November 11. It comes with a default fund called Lifecycle.

According to Vanguard Australia Managing Director Daniel Shrimski, the company believes that saving for retirement shouldn’t be complex.

“That’s why we’re delighted to launch Vanguard Super, a compelling new offer that combines real simplicity with smart, global investment expertise. We want to deliver members a low-cost, high-quality super fund that includes a default offer designed to move with them right through life,” Shrimski says in the statement.

The default Lifecycle fund will adjust 36 times over the lifetime of members according to their age with no switching fees, with the asset allocation becoming more conservative over time.

Until age 47, Lifecycle members are invested in a diversified portfolio with higher allocation to growth assets. From age 48, allocation to growth assets is reduced annually in favour of defensive assets, and from 82, there will be greater emphasis on risk reduction to shield savings from market volatility.

Vanguard had US$7.2 trillion of assets under management as of end-June.