From 1 January 2014 employers need to make the 9.25% superannuation guarantee contributions to a MySuper product for employees who were previously in the employer’s standard default superannuation product.
MySuper accounts have a simpler set of standard product features intended to reduce costs, provide standardised life insurance and make it easier to compare products.
The transition process has been automated by the superannuation providers and normally no specific action is required by employers.
Employees "outside" the information loop
Employees who are transitioning to a MySuper product should have been told about the changes.
The following employees may not have been told about the MySuper changes:
- Employees who are in a different public offer superannuation fund
- Employees who are in a self managed superannuation fund
- Employees who are in the default fund but who have made specific investment choices
We are not licensed to give financial planning advice. Employees in the above categories may need to take advice from a licensed financial planner about the potential impact of these changes on them.