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Is your super now MySuper?

Posted by Naomi Rosenthal on Wednesday, November 13, 2013 Under: Superannuation
·         Is your super with an employer or industry fund?
·         Are you invested in the fund's default strategy?

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 products."

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 impacted.

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.

What next?

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 


Tags: superannuation "superannuation australia" retirement mysuper "default fund" "employer super" "employer superannuation" "industry super" "industry superannuation" "lost super" 

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