MySuper
MySuper vs Super Choice
Section: 3.2
3.2 MySuper vs Super Choice
MySuper
MySuper is a standardised and low-cost superannuation product. MySuper products have a simple investment strategy and aim to provide a balanced level of risk and return over the long term.
Designed to be default options for individuals who do not actively choose a specific superannuation fund or investment option. Employers are required to contribute employees' superannuation contributions into a MySuper product if the employee doesn't choose a specific fund. Since 1 July 2017, all member accounts in default superannuation investment options are required to be invested in a MySuper product.
Super Choice
Super Choice of fund refers to the right of Australian workers to choose the superannuation fund into which their employer contributions are deposited. Under the Superannuation Guarantee legislation, most employees have the ability to select their preferred superannuation fund. This means they can decide where their employer's compulsory contributions are directed.
Super Choice of fund provides individuals with the flexibility to choose from a range of superannuation funds available in the market, which may offer different investment options, fees, insurance coverage, and additional services. By exercising this choice, individuals can take greater control over their retirement savings and tailor their superannuation to suit their specific needs
This technical resource is intended for the use of financial advisers only. It is current as at the date of publication but may be subject to change. This publication has been prepared without taking into account a potential investor's objectives, financial situation, needs or objectives. Before making a recommendation based on this material, you should consider its appropriateness based on the client's objectives, financial situation and needs. Rainmaker Group is not a registered tax agent under the Tax Agent Services Act 2009. Your client should refer to a registered tax agent before relying on information published herein that may impact their tax obligations, liabilities or entitlements.
Last modified: Wednesday, June 28, 2023