From 1 January 2014, employers need to make super contributions to a fund that offers a MySuper product for employees who haven’t selected a preferred fund. A ‘MySuper product’ is a new super account that will replace existing ‘default funds’ used for employees.
A MySuper account has a simple set of product features, regardless of who provides them. This will make it easier to compare funds based on a few key differences.
It will also ensure members do not pay for any unnecessary features they don’t need or use.
It will give employers better information to assist with their choice, and the confidence that any MySuper product will meet minimum standards and offer a cost-effective super plan for their employees.
For further information regarding this new scheme please visit – http://www.ato.gov.au/Tax-professionals/News-and-updates/Latest-updates/MySuper/