Legislation providing for default superannuation products called 'MySuper' was enacted in 2012. Since 1 January 2014, only funds offering a MySuper product have been eligible to receive default superannuation contributions relating to new employees.
From 1 July 2017, all member accounts in default investment options will be required to be invested in MySuper products.
The MySuper changes were aimed at providing a simple, cost-effective, balanced product for the vast majority of Australian workers who are invested in the default option of their current fund.
The below links provide assistance in understanding MySuper policy and law. For details on a specific MySuper product, approach your superannuation fund.
Moneysmart website - MySuper
APRA website – registrable superannuation entities
Comlaw website - Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012
Comlaw website - Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Act 2012
Comlaw website - Superannuation Legislation Amendment (Further MySuper and Transparency Measures) Act 2012
Comlaw website - Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Act 2013
Comlaw website - Superannuation Legislation Amendment (MySuper Measures) Regulation 2013