MYSUPER

Updated November 12th 2013

As part of the government’s response to the Cooper Review of Australia’s superannuation system, it has proposed the introduction of MySuper which will replace the current ‘default’ superannuation funds.These MySuper products will provide a simple and easy to understand superannuation account for members with the following features:

    • No entry fees.
    • Exit fees are restricted to cost recovery
    • Ban on commissions or any conflicting remuneration structure
    • A single, easy to understand investment option
    • Required to deliver value for money, otherwise the operator will be stripped of their licence
    • Standard reporting in plain English

 

Any fund which operates a MySuper product will be monitored by APRA and the fund results will be published to monitor members’ value for money. The government proposes that MySuper products will be available from licensed superannuation funds from 1 July 2013.