Legislation providing for default superannuation products called 'MySuper' was enacted in 2012. MySuper products will eventually replace existing default superannuation accounts.
From 1 January 2014, only funds offering a MySuper product have been eligible to receive contributions from employers on behalf of employees who have not chosen a superannuation fund.
MySuper products have a simple set of product features which enable members, employers and market analysts to compare funds more easily based on a few key differences.
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
Australian Taxation Office website - MySuper
ASIC website – Stronger Super
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