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If you answered YES to both of the above questions, then your
super is likely about to become MySuper.
The Federal Government has introduced MySuper to "improve the
simplicity, transparency and comparability of default superannuation
What is MySuper?
MySuper is a "low-cost, default superannuation investment option
that is made up of a single, diversified strategy and a basic default insurance
benefit." From 1 January 2014, members who have not selected an investment
option, or have selected a default investment option will have their future
contributions paid into MySuper.
Eventually (by 01/07/2017), all MySuper member funds will transfer into
their MySuper account.
What's going to happen under MySuper?
You'll still have your old super account. It'll just stay there and do
what it does, no new money going in and fees and charges running down your
balance. All your new employer contributions will be invested in your MySuper
account. Sounds like two lots of fees and lots of confusion for you.
Note that some default options under some funds will become MySuper so
you may only have one fund.
How will I know if I'm impacted?
Your super fund has already started sending you information. If you're
getting letters from a super fund talking about MySuper, it's likely you're
But I like my super fund as it is, can I do anything?
Yes! If you adjust your investment option away from the default option or
make a request to opt out before 1 January 2014, your money will not be
transferred to MySuper.
I don't know what investment option to choose!
Come talk to us! We'll provide you with advice and guidance on the best
investment strategy for you.
I'm an employer. What do I do?
From 1 January 2014, the default fund you provide staff who don’t make
their own super fund selection will need to be MySuper authorised. Further, you
will likely need to adjust the account details into which you pay contributions
on behalf of your employees.
We can help you avoid any penalties that may apply if you haven't
selected a MySuper product as your default fund.
If you're concerned about your superannuation moving to MySuper and
would like advice and assistance, contact us on 02 9417 6011 today.
In : Superannuation
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Responsibility for the content and opinions expressed herein rests solely with the author and opinions expressed do not necessarily represent the views and opinions of Professional Wealth Services Pty Ltd. The information on this website is general in nature and may not be relevant to your individual circumstances. You should refrain from doing anything in reliance on this information without first obtaining suitable professional advice. You should obtain and consider a Product Disclosure Statement (PDS) before making any decision to acquire a product. This information is for Australian residents only. Whilst care has been exercised, the taxation information contained is provided as a guide only and may not be relied upon. If in doubt, you should seek independent tax advice from a qualified tax adviser.
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