An industry super fund for all Australians
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MySuper forms part of the Government’s broader Stronger Super reforms for the superannuation industry. The reforms affect super funds, their members and employers. The reforms are aimed at making Australia’s superannuation system stronger, more efficient and at helping to maximise retirement income for members.
At the heart of the many changes there is a key requirement—if super funds wish to accept default contributions they are required to offer a MySuper product which must meet certain minimum requirements. Key product design features required for a product to qualify as MySuper include:
Further, more-detailed product features are set out below in Core features of MySuper.
It was determined that within the Fund's existing 11 investment options, the 'Balanced' option already met most of the Government’s requirements. As a result, Australian Catholic Superannuation was given approval to rename the Balanced option to MySuper Balanced from 1 July 2013.
(Note: This change in name only applies to superannuation accounts. The Balanced option remains unchanged for pension accounts.)
We continue to offer a further 10 non-MySuper investment options, available to all members.
Superannuation funds must hold a licence issued by the Australian Prudential Regulation Authority (APRA) in order to offer MySuper products.
Australian Catholic Superannuation was awarded a MySuper licence by APRA on 8 March 2013. We were one of the first 10 super funds to receive this licensing approval.
There are some exceptions e.g. lifecycle products can have different returns for different investment strategies.
There are certain requirements applying to trustees of funds that offer a MySuper product. These include:
Australian Catholic Superannuation’s Balanced investment option already complied with most of the requirements for MySuper. Further improvements to the investment strategy and the cost of the option were made during 2012.
On 1 July 2013, the Balanced option was simply re-named as ‘MySuper Balanced’. No other changes to the option were made.
Details of the investment strategy for MySuper Balanced are contained in the Superannuation Product Disclosure Statement (PDF) and the Your investment options super fact sheet (PDF).
To help you better understand the Fund's fees, risk and performance in relation to our MySuper product, please refer to our MySuper product dashboard. This should also enable you to more easily compare our product with those offered by other funds and make more informed decisions around your choice of fund or investments.
On 1 July 2013:
Other investment options were not affected by the transition to MySuper.
There was no cost to members to make these transfers. The buy-sell spread that applied to a change in investment options prior to 29 September 2015 did not apply to amounts that were attributed or transferred to MySuper Balanced on 1 July 2013.
Subject to eligibility criteria, all members in a MySuper product must be given Death/TPD insurance on an opt-out basis.
More information is available by downloading our:
Superannuation Product Disclosure Statement(PDF 1101KB)
Conditions of release super fact sheet(PDF 660KB)
Contributions fact sheet(PDF 329KB)
Fees and costs fact sheet(PDF 325KB)
Insurance fact sheet(PDF 924KB)
Insurance premium tables(PDF 864KB)
Tax and superannuation fact sheet(PDF 148KB)
Your investment options super fact sheet(PDF 489KB)
To become a member of Australian Catholic Superannuation you can join online as a super member or download and complete our Member application: Employer Sponsored & Personal Plans (PDF).
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