SYDNEY, Nov 11 (Reuters) - The world's second-largest fund manager Vanguard launched a pension fund in Australia on Friday, the first new fund licence approved in six years as it bets a reputation for low fees will help break into the country's trillions of retirement savings.
Twenty-four years after the launch of Vanguard's first Australian fund, Vanguard Super opens with 12 products, including a default "Lifecycle" fund that gradually shifts a member's holdings into more conservative investments as they age.
Fees for the default option will be the lowest in the Australian pension market for younger members and those with balances under A$50,000 ($33,080), according to analysis from accounting firm Deloitte commissioned by Vanguard.
"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," said Vanguard Australia Managing Director Daniel Shrimski in a statement.
($1 = 1.5115 Australian dollars)Reporting by Lewis Jackson; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.