Employers: MySuper is here! Is your default fund compatible?
Employers, if your employee has not selected a preferred super fund, then you must pay their super contributions to your default fund. This is not new information however, as of 1st Jan 2014, the default super fund chosen for your business must be a fund offering a MySuper product.
A MySuper product is one that meets minimum standards and provides a cost-effective super plan for employees i.e. they will not pay for unnecessary features from a super product that they don’t need or use. You must now make sure that your default fund offers the MySuper product. Most likely, your fund has already contacted you to advise you that they now offer MySuper. However, if you are unsure and/or haven’t heard from your fund, you must contact them to confirm their status. If your fund does not offer MySuper, you must find a new default super fund. You can do this by searching the APRA website at apra.gov.au and search for “MySuper authorisations”. You can also find more information about what MySuper changes mean for you as an employer by visiting the ATO website ato.gov.au/mysuper. The ATO have provided a short video outlining what MySuper is all about – see below: