MySuper is a default investment option that came out of the Government’s Stronger Super reforms in July 2013 designed to improve the simplicity, transparency and comparability of default superannuation products.
MySuper accounts have a simple set of product features and are designed to protect and grow your employees retirement savings.
With MySuper accounts you and your employees get:
- More transparency in fees - only certain fees can be deducted from member accounts (e.g. no entry fees), some fees are limited to cost recovery and there are commission fees charged;
- All members are charged the same dollar fee or percentage fee or the same combination of dollar fees and percentage fees;
- Basic features to ensure that you and your employees aren’t paying for what you don’t need, with all members having access to the same options and benefits;
- A single, diversified or lifecycle investment strategy;
- A default level of life and total and Permanent Disability (TPD) insurance cover.
Your benefits as an employer
MySuper accounts are transparent and simpler and therefore choosing a default fund is easier which means you can save time and money in the long-run.
You can also choose your default fund with greater confidence knowing that it meets minimum standards and is cost-effective for your employees.
Our MySuper Solution: LifetimeOne
Our LifetimeOne default option is diversified across all major asset classes and is designed to produce high returns over the long-term. Members will be automatically moved between different asset mixes based on their age.
If your employees haven’t chosen their own super fund, you can auto-enrol them into our LifetimeOne option.
Want to know more about MySuper reforms?
If you would like more information about the government’s MySuper reforms and how they affect you, we’re here to help.
Give us a call on 1300 658 776 and we’ll talk you through the reforms in detail.