While it’s important to be engaged with your super, many people can put off making choices and decisions – particularly if retirement is still a long way away.
MySuper is a government initiative that was introduced in 2013 as part of the Stronger Super reforms. It is a range of easily-comparable default super products, each with a single diversified investment strategy designed to suit the majority of people, particularly those who may not be taking an active interest in their super and prefer to leave the task of maintaining an investment strategy to their fund.
There are strict requirements about what features and fees can and can’t be included in a MySuper product.
We are authorised by the Australian Prudential Regulation Authority (APRA), one of the superannuation regulators, to offer a MySuper product which we introduced in October 2013.
The philosophy behind MySuper is one that has always been very aligned with the values of our fund.
As a corporate super fund, our focus has always been on providing you with a simple, value for money product, which is essentially the purpose of MySuper.
Our MySuper product is the Accumulate Plus – Balanced option. When we introduced MySuper, our existing default investment option fortunately met all requirements for a MySuper product so it was simply renamed.
No, generally not.
Having a product that’s ‘designed to suit the majority of people’ doesn’t automatically mean it will suit everybody, so it’s always important to check in with your super from time to time, to make sure it’s still on track.
For example, younger members may want to choose a more aggressive or higher growth investment option, compared to members closer to retirement who may want to be more conservative.
One of the most important things we encourage you to do is take some time to regularly check your account balance and see whether it’s on track to provide you with what you’ll need for retirement. A great starting point is our 5-Minute Workout.
Doing a quick check-in gives you the opportunity to make any changes along the way, or just give you peace of mind – which is better than getting a shock upon retirement because things aren’t as you thought they’d be!
Absolutely. It’s important to consider your own circumstances, and seek advice if needed, to choose options that suit you. It helps to think about things like your age, which affects how long your super will be invested before you retire, or how comfortable you feel about the risk that investment returns will rise and fall.
Each investment option that we offer has a different mix of assets to offer different levels of investment risk and expected return.
You can choose any one or a combination of options, including the Balanced (MySuper) option within your account.
All funds offering a MySuper product are expected to have a summary of their product called a ‘MySuper Product Dashboard’ on their website. These dashboards make it easier to compare MySuper products between different funds. Read our MySuper Product Dashboard.