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What is MySuper?

MySuper is an initiative of the Australian Government and means that super funds, like those chosen by your employer, are required to offer a product that is simple, cost-effective, and provides minimum levels of insurance cover to eligible members.

A MySuper account offers a single investment option which is simple, cost effective and easily comparable with other MySuper accounts. 

A MySuper account is the default account within a super fund. This means that if a new member joining the fund doesn’t make an investment choice, they will become a MySuper member.

 

 

Your employer is required to pay your super guarantee contributions into a super fund that offers a MySuper account, unless you have chosen a super fund to have your super guarantee contributions paid into.

Things you should know

This is general information only and does not constitute any recommendation or personal advice. It has been prepared without taking account of your objectives, financial situation or needs. It is current as at 9 December 2020, and is subject to change.

© Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714