Under the reforms announced following Henry Cooper’s review of the superannuation industry, a new type of low fee super account will be available from 1 July.
MySuper will replace existing default accounts, which are offered by super funds to those who have not nominated a preferred super fund to their employer.
Lower fees and simple features make MySuper more accessible to those who don’t want to pay for services they don’t need.
From 1 January 2014, your employer must pay your super to a fund which offers a MySuper account if you haven’t advised them otherwise.
You can switch to a MySuper account at anytime from 1 July 2013, but you should consult an independent financial advisor before making any financial decisions.