What is MySuper?

Everything you need to know about MySuper, including what the default super funds are and how they compare

MySuper is a superannuation initiative by the Australian Government that resulted in simple and cost-effective default superannuation products for Australian workers. The default products were designed as basic funds without unnecessary features and fees. Employees who have not selected a super fund are assigned a default MySuper product.

Unsure about what type of super fund to use? The comparison table below displays a snapshot of superannuation funds rated by Canstar. Results shown below are based on an average super balance of $80,000 and are sorted by star ratings (highest to lowest).

Annual cost includes administration fees and indirect costs (including the investment fee, performance fee where applicable, and any other indirect management costs). Total cost is calculated based on the average super balance specified, based on the investment option considered within the Canstar Superannuation Star Ratings, 2016. Star Ratings displayed relate to the Starter consumer profile.

Key facts about MySuper

The aim of MySuper products is to provide workers with a cost-effective super fund that has the basic features they need. Some key things to know about MySuper include:

MySuper fees

The fees that can be charged to a member of a MySuper product are limited, with many restricted to recovering the cost of providing the service. The main fees that will apply include:

  • Administration fee
  • Investment fee
  • Other fees – such as investment switching, exit fees and contribution splitting (these fees are limited to the cost of providing the service).

MySuper

Insurance and MySuper

All MySuper products are required to offer a basic level of life insurance and total & permanent disability (TPD) cover, generally on an opt-out basis for most members. This means members will automatically receive a prescribed level of insurance cover upon joining the fund.

If a member chooses to opt out of the insurance, they will no longer be charged an insurance premium cost or receive the cover.

MySuper investment options

MySuper products offer only one investment option. For many funds, this is simply their current ‘balanced’ fund offering. Funds can, however, apply to use a ‘life stages’ investment strategy as their MySuper investment option. To find out what these investment options really mean, read our explanation here.

As for how those MySuper investment options perform over time, read this article.

Disclosure required for MySuper

The level of Trustee disclosure required in relation to fees, investment performance and investment allocation is higher for MySuper funds than previously required for pre-2013 default super funds. This enables the Australian Prudential Regulation Authority (APRA) to publish easily comparable data on long-term net returns and will make it easier for workers to compare funds.

Compare Super Funds with Canstar

You can read more about the development and introduction of MySuper on the government’s Stronger Super website. APRA also has a list of frequently asked MySuper questions.

Importantly, though, while MySuper should help to better protect the retirement nest eggs of Australian workers overall, the best way to look after your own nest egg is to take an active interest! Some questions that investors should regularly ask include:

  • Where is your superannuation invested? Is it the best option for you?
  • What insurance cover do you have – and need?
  • Should you be taking advantage of tax-effective superannuation contribution strategies?

An active interest in your own MySuper now can lead to a significantly better retirement outcome down the track.

MySuper History

In mid-2009, the Rudd government commissioned a review into the operation and efficiency of the superannuation system in Australia. The Super System Review, chaired by Jeremy Cooper, handed its final report to the Gillard government in mid-2010. MySuper was delivered in 2013 as a result of that review.

From 1 January 2014, employers were required to choose a MySuper product as their default super fund. Eligible Australian workers who receive Superannuation Guarantee (SG) contributions from their employer but do not nominate a preferred superannuation fund for contributions to be directed into, will have the payments made into a default MySuper fund chosen by their employer.

Wondering if Australia has viable alternatives to default super funds? Read more about it here.

Compare Super Funds with Canstar

List of MySuper Entities and Products

So – which superannuation funds hold a MySuper authority? Currently, there are over 110 MySuper products; the list is as follows:

  RSE Licensee ABN Entity Name Current MySuper Product Name
1 31008414104 AMP Retirement Trust AMP MySuper No.1
2 31008414104 AMP Superannuation Savings Trust AMP MySuper No.2
3 31008414104 AMP Superannuation Savings Trust Brookfield Australia MySuper
4 31008414104 AMP Superannuation Savings Trust CCA MySuper
5 31008414104 AMP Superannuation Savings Trust Macquarie Group MySuper
6 31008414104 AMP Superannuation Savings Trust Woolworths Group MySuper
7 31008414104 AMP Superannuation Savings Trust Anglican National MySuper
8 31008414104 AMP Superannuation Savings Trust Australia Post MySuper
9 31008414104 AMP Superannuation Savings Trust AFLPA & AFL Industry MySuper
10 92006680664 ANZ Australian Staff Superannuation Scheme ANZ Staff MySuper
11 83057982822 AON Master Trust Aon MySuper
12 70003566989 Mine Wealth and Wellbeing Superannuation Fund Default Lifecycle
13 43079259733 Australian Ethical Retail Superannuation Fund Balanced (accumulation)
14 25002981919 Australian Meat Industry Superannuation Trust AMIST MySuper
15 94006457987 AustralianSuper Balanced
16 94006457987 AustralianSuper IBM Superannuation Plan
17 94006457987 AustralianSuper Komatsu Superannuation Plan
18 96010528597 Austsafe Superannuation Fund MySuper (Balanced)
19 46050431797 AvSuper Fund AvSuper Growth (MySuper)
20 57070732008 Goldman Sachs & JBWere Superannuation Fund Goldman Sachs & JBWere Superannuation Fund – MySuper Product
21 26065668224 Betros Bros Superannuation Fund No 2 Betros MySuper
22 32125059006 State Public Sector Superannuation Scheme QSuper Lifetime
23 83080598821 Boc Gases Superannuation Fund BOC MySuper
24 63002916458 ASGARD Independence Plan Division Two Asgard Employee MySuper
25 63002916458 Retirement Wrap BT Super for Life MySuper; BT Lifetime Employer MySuper
26 63002916458 Retirement Wrap Westpac Group Plan MySuper
27 15065081281 Building Unions Superannuation Scheme (Queensland) BUSSQ MySuper
28 91006670060 Care Super CareSuper
29 99008684268 CBH Superannuation Fund Growth MySuper
30 68065040619 Christian Super My Ethical Super
31 30010892396 Club Super Club MySuper
32 26003217990 Club Plus Superannuation Scheme Club Plus Super – MySuper
33 98002348352 Commonwealth Essential Super Commonwealth Essential Super
34 98002348352 Colonial First State FirstChoice Superannuation Trust Colonial First State FirstChoice Superannuation Trust
35 32064976138 Combined Super Fund Combined Fund MySuper
36 76074519798 Commonwealth Bank Group Super Accumulate Plus Balanced
37 48882817243 Australian Defence Force Superannuation Scheme ADF MySuper
38 48882817243 Public Sector Superannuation Accumulation Plan MySuper
39 25009179613 Concept One The Industry Superannuation Fund MySuper Balanced
40 30006169286 MyLifeMyMoney Superannuation Fund MyCatholicSuper
41 49006421638 LESF Super LESF MySuper
42 49006421638 Smartsave ‘Member’s Choice’ Superannuation Master Plan Smartsave MySuper Balanced
43 49006421638 Virgin Superannuation Virgin Super Essentials
44 30069634439 Energy Super MySuper
45 21065659734 Elphinstone Group Superannuation Fund Balanced Option
46 72077947285 Energy Industries Superannuation Scheme-Pool A MySuper Balanced
47 64006964049 equipsuper Equipsuper MySuper
48 46004031298 EmPlus Superannuation Fund EmPlus MySuper
49 46004031298 The Executive Superannuation Fund MySuper MyLife
50 42053498472 First Super First Super MySuper
51 11118202672 First State Superannuation Scheme First State Super MySuper Lifecycle
52 84068826728 Guild Retirement Fund Guild Retirement Fund (MySuper)
53 66006818695 Health Employees Superannuation Trust Australia Core Pool
54 79008634704 HOSTPLUS Superannuation Fund Balanced option
55 53006695021 IOOF Portfolio Service Superannuation Fund IOOF MySuper
56 77000300934 IAG & NRMA Superannuation Plan MySuper
57 45010814623 Intrust Super Fund Intrust MySuper
58 14056917303 Kinetic Superannuation Fund Kinetic Super – Growth (MySuper)
59 18005502090 Labour Union Co-Operative Retirement Fund MySuper Balanced
60 61008204939 Lutheran Super Balanced Option – MySuper Compliant
61 37004455789 legalsuper MySuper Balanced
62 68078003497 Local Government Superannuation Scheme – Pool B MySuper Age-Based Investment Strategy
63 43058013773 Maritime Super Moderate investment option
64 58005793199 Meat Industry Employees Superannuation Fund MIESF MySuper
65 30059502948 Media Super Balanced investment option (accumulation)
66 79004717533 Mercer Super Trust Mercer SmartPath
67 79004717533 Mercer Super Trust Virgin Money MySuper
68 79004717533 Mercer Super Trust Mercer WGSP MySuper
69 79004717533 Mercer Super Trust Mercer Santos MySuper
70 98056047324 Mercy Super MySuper
71 14008650628 MTAA Superannuation Fund My AutoSuper
72 31008428322 Super Directions Fund AMP Super No. 3′
73 28003156812 NESS Super NESS MySuper
74 46003491487 NGS Super Diversified (MySuper)
75 29053228667 Nationwide Superannuation Fund Nationwide MySuper
76 80008515633 MLC Super Fund MySuper
77 80008515633 MLC Super Fund NAB Staff MySuper
78 12008508496 OnePath Masterfund ANZ Smart Choice Super
79 12008508496 OnePath Masterfund ANZ Smart Choice Super
80 84008416831 Perpetual’s Select Superannuation Fund Perpetual MySuper
81 77092941574 Pitcher Retirement
Plan
Pitcher Retirement Plan
MySuper
82 85064225841 Australia Post Superannuation Scheme Balanced
83 81067241016 Prime Super MySuper
84 47003806960 Qantas Superannuation Plan Glidepath
85 81010897480 Queensland Independent Education & Care Superannuation Trust QIEC MySuper
86 94085088484 Local Government Superannuation Scheme LGIAsuper MySuper Lifecycle
87 68056044770 Rei Super Trustee Super Balanced Option
88 39001987739 Retail Employees Superannuation Trust REST Super
89 27005599422 Rio Tinto Staff Superannuation Fund Rio Tinto Fund – Growth Option
90 16004030737 The Bendigo Superannuation Plan Bendigo MySuper
91 74064712607 Australian Catholic Superannuation and Retirement Fund MySuper Balanced
92 62008099223 Statewide Superannuation Trust StatewideSuper MySuper
93 61063427958 Suncorp Master Trust Suncorp Lifestage Funds
94 88010720840 Sunsuper Superannuation Fund Sunsuper for Life
95 67002835412 TWU Superannuation Fund Balanced (MySuper)
96 21006819692 Toyota Employees Superannuation Trust MySuper Growth
97 73065319735 The Transport Industry Superannuation Fund TIS MySuper
98 13009563062 Tasplan Superannuation Fund Tasplan MySuper
99 86007422522 Telstra Superannuation Scheme Telstra Super MySuper
100 55010810607 Max Super Fund Max Super Fund MySuper Plan
101 62008644353 Russell Supersolution Master Trust Russell MySuper
102 56098527256 Incitec Pivot Employees Superannuation Fund Active Balanced
103 56098527256 United Technologies Corporation Retirement Plan Balanced
104 56098527256 Duluxgroup Employees Superannuation Fund Active Balanced
105 33068666508 Toyota Australia Superannuation Plan MySuper Growth
106 54006027121 Unisuper UniSuper Balanced
107 46006261623 Construction & Building Unions Superannuation Growth (Cbus MySuper)
108 11006586367 The Victorian Independent Schools Superannuation Fund VISSF Balanced Option
109 69087619412 Victorian Superannuation Fund Growth (MySuper)
110 50082924561 Local Authorities Superannuation Fund Vision MySuper
111 64066797162 WA Local Government Superannuation Plan MyWASuper
112 30080106832 Water Corporation Superannuation Plan Growth Option
113 77000049472 Westpac Mastertrust – Superannuation Division BT Business MySuper

Source: APRA. List correct at November, 2017.

There are plenty of superannuation funds out there, particularly for investors who take an active interest in their nest egg. For those who prefer not to think about their super funds, this Government initiative means default MySuper products are required to have comparatively low fees and life insurance cover. You can find out more about the attributes of MySuper products here.

Compare Super Funds

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