The National Australia Bank (NAB) is welcome to most of the recommendations of the Cooper review of the superannuation industry and declared that the reforms being suggested by the reports were fundamentally good for the country's retirement system.

Company chief executive Cameron Clyne said that NAB is throwing its full support behind the review though he clarified that there were points and recommendations carried by the report which ran counter to the bank's belief and interests.

Nevertheless, Mr Clyne told his audience at the American Chamber of Commerce in Australia held in Adelaide on Tuesday that "NAB would support anything that promotes trust and transparency in our industry."

The Cooper review of Australia's $1.2 trillion superannuation industry is recommending for the setting up of default accounts for up to 80 percent of Australians while pushing at the same time for the systems' transition and eventual use of electronic records to cut down processing costs.

To be known as the MySuper plan, the account would require no fees upon activation and Superannuation Minister Chris Bowen has committed that the federal government would respond to the Cooper review within the next two months.

The government, however, has indicated that it would support the MySuper plan, which is also poised to eliminate incidence of commissions that were seen as one of the depleting factors in the system's retirement fund.

Mr Clyne also gave his approval on the plan as he cited that the superannuation industry would eventually need to provide for elements that are set to cater to the needs of different people, as he acknowledged that "the reality is there's a component of the workforce that wants a low-cost option."