• MySuper

  • What is MySuper?

    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:

    • No payment of commissions to financial planners is allowed
    • A single diversified or lifecycle investment strategy
    • Life and total and permanent disability (TPD) insurance, on an opt-out basis
    • A short, prescribed list of allowable fees.

    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.

  • Who is affected by MySuper?

      • For existing Fund members—It means that our previous ‘default’ investment option was replaced by MySuper Balanced on 1 July 2013.
      • For new Fund members—From 1 January 2014, where new employees have not made a choice of super fund, employers must pay contributions to a fund that offers MySuper. The contributions must be placed in the fund’s MySuper product, unless the new member has chosen a different investment option. This means that MySuper Balanced will be Australian Catholic Superannuation's default investment option
  • Core features of MySuper

      • There is a single, diversified or lifecycle investment strategy.
      • There is a default level of life and total and permanent disability (TPD) insurance cover.
      • All members have access to the same options, benefits and facilities.
      • The same processes are adopted in crediting or debiting member accounts i.e. no discrimination in allocating returns or charging fees.
      • All allowable types of contributions must be accepted.
      • Members’ accounts cannot be transferred to another product without their consent, except in very limited circumstances.
      • MySuper is only available in the accumulation phase of super, not in retirement.
      • Only certain fees can be deducted from member accounts (e.g. no entry fees), and some fees are limited to cost recovery.
      • All members are charged the same dollar fee or percentage fee or the same combination of dollar fees and percentage fees.
      • Other fee rules apply e.g. no commissions.

      There are some exceptions e.g. lifecycle products can have different returns for different investment strategies.

  • Obligations on trustees

    • There are certain requirements applying to trustees of funds that offer a MySuper product. These include:

      • Trustees must promote the financial interests of beneficiaries, in particular returns to members after the deduction of fees, costs and taxes.
      • An enhanced duty of care, skill and diligence applies to individual directors.
      • All MySuper members must be provided with Death/TPD insurance on an opt-out basis i.e. cover is provided automatically and members must opt out if they don’t want it (conditions can apply e.g. limitations on pre-existing conditions).
      • Trustees must publish information about their MySuper product in a standardised format. This will make it easier for members to compare different MySuper products.


  • Our MySuper product

    • 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.

  • Transition to MySuper

    • On 1 July 2013:

      • All money in the Balanced option of the superannuation plan was automatically ‘attributed’ to the MySuper Balanced option. There were no changes to the characteristics of the investment option.
      • A small number of members who had money in the Conservative Balanced option were transferred to MySuper Balanced. These members were informed prior to the transfer.

      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.

  • Insurance changes

    • Subject to eligibility criteria, all members in a MySuper product must be given Death/TPD insurance on an opt-out basis.

      • Existing eligible members who do not already have insurance, including Personal members, will automatically receive one unit of Death/TPD cover.
      • All new members will be provided with cover (some conditions apply).
      • An opt-out form will be provided for members who do not want the automatic insurance cover.

      More information is available by downloading our:

  • 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).