The Australian Government’s introduction of the MySuper reforms aims to build a more efficient superannuation system to help maximise the retirement savings of Australians.
A MySuper account offers a single investment option which is simple, cost effective and easily comparable with other MySuper accounts. The MySuper product is also required to provide Death and Total and Permanent Disablement (TPD) insurance cover to MySuper members on an opt-out basis.
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.
From 1 January 2014 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.
If you are in your employer's existing default super fund, the trustee of the super fund must transfer your super balances to a MySuper product by 30 June 2017. Your super fund will write to you beforehand if this impacts you.
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 31 March 2015, and is subject to change.
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