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.
APRA website – registrable superannuation entities
Legislation
Comlaw website - Superannuation Legislation Amendment (MySuper Core Provisions) Act 2012
Regulations
Comlaw website - Superannuation Legislation Amendment (MySuper Measures) Regulation 2013