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 annual cost (lowest to highest).
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:
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).
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.
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.
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.
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|
|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|
|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|
|45||21065659734||Elphinstone Group Superannuation Fund||Balanced Option|
|46||72077947285||Energy Industries Superannuation Scheme-Pool A||MySuper Balanced|
|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|
|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|
|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|
|Pitcher Retirement Plan
|82||85064225841||Australia Post Superannuation Scheme||Balanced|
|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|
|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.