MySuper

MySuper is a low-cost, basic superannuation option for Australians.

Many super funds now offer a simple and cost-effective super account called MySuper. MySuper is a type of superannuation account, and is a government initiative to provide a low-cost and no-frills super option that employers can offer their employees. This guide will outline what MySuper is and how it can benefit you as you save for retirement. You can also compare a range of MySuper products below.

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    • MySuper fund available
    • Manage your account online 24/7
    • Automatic Death and TPD cover
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Choose from an extensive range of investment options and enjoy discounted rates on select banking products when you join Australia's largest industry superfund.
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Compare MySuper funds

Name Product Past Performance - 1 Year Past Performance - 3 Years Past 5 year performance Calculated fees on $50,000 balance
-1.36%
New fund
New fund
$358
Earn Velocity Frequent Flyer Points for making contributions to your super. T&Cs apply.
1.21%
7.56%
7.84%
$467.65
Enjoy discounted rates on banking products with ME Bank and health cover with GMHBA health insurance.
-0.22%
4.86%
5.43%
$603
Choose between 14 different investment options, including a socially responsible option.
1%
6.59%
6.39%
$598
Socially responsible and ethical investment options available.
2.85%
7.57%
N/A
$395
Pay no entry, exit or switching fees and enjoy a range of different investment options with QSuper.
New Fund
New Fund
New Fund
$291.50
Superestate focuses on investing your super in residential properties and charges some of the lowest annual fees in the market.
1.9%
7.51%
7.47%
$523
Earn a Retirement Bonus of up to $4,800 when you open a new Income account. T&Cs apply.
1.14%
6.95%
6.73%
$549.42
2.54%
7.21%
7.19%
$548.53
Get access to one-on-one professional advice at no additional cost.
-2.16%
5.03%
5.41%
$643
Access offers, deals and discounts through the BT Super Benefits Now program.
1.84%
7.78%
7.87%
$565
Enjoy discounted health insurance with HCF.
1.73%
6.45%
7.24%
$682.65
Get fee-free advice on your superannuation as a BUSSQ member. T&Cs apply.
-1.04%
4%
5.27%
$581.80
Receive a complimentary financial planning session with a Suncorp financial planner.
2.17%
8.44%
8.32%
$621.76
Enjoy discounted rates on banking products with ME Bank.
0.99%
6.43%
7.56%
$529.76
Access simple personal advice at no cost.
N/A
N/A
N/A
$728
Gain access to lifestyle offers and benefits on NAB financial products and services.
0.63%
6.23%
6.24%
$497.60
Earn rewards and vouchers through the AIA Vitality program.
0.88%
6.56%
7.45%
$361
A flexible industry super fund for people who work in Australia’s higher education and research sector.

Compare up to 4 providers

The information in the table is based on data provided by Chant West Pty Ltd (AFSL 255320) which is itself supplied by third parties. While such information is believed to be accurate, Chant West does not accept responsibility for any inaccuracy in such information. Chant West’s Financial Services Guide is available at https://www.chantwest.com.au/financial-services-guide . Finder offers no guarantees or warranties about the data and we recommend that users make their own enquiries before relying on this information. Performance, fees and insurance data is based on each fund's default MySuper product. Where the performance, fees and insurance data for the MySuper fund vary according to the member's age, results for individuals between 40-49 years of age have been shown. Past performance is not a reliable indicator of future performance.

*Past performance data is for the period ending December 2018.

Disclaimer: Performance, fees and insurance data is based on each fund's default MySuper product. Where the performance, fees and insurance data for the MySuper fund vary according to the member's age, results for individuals between 40-49 years of age have been shown. This article is general advice. You should consider your own personal circumstances before deciding if a superannuation product is right for you. Superannuation is a long term investment and past performance is not indicative of future performance.

What is MySuper?

All Australian employers have a default super fund for employees who don't already have their own super fund, or who don't want to choose a super fund themselves. MySuper is a government initiative to provide simple super products for employers to choose as their default fund for employees. MySuper options have basic features and fee structures allowing members to compare funds easily based on cost, investment performance and insurance.

The idea of MySuper products is that they are low-cost, no-frills options (this means they're simple to understand and compare, without any confusing investment options or hard-to-understand features). MySuper products are offered by existing retail or industry super funds as an investment option alongside their existing investment options.

The features of MySuper

MySuper accounts offer:

  • Low fees
  • Simple features
  • Simple, default insurance options which you can easily opt out of if you wish
  • A single diversified investment option, or
  • A lifecycle investment option based on your age

MySuper investment options

There are two main investment options offered by MySuper products; a diversified investment portfolio or a lifecycle strategy that invests based on your age.

Lifecycle investment option

With this option, your super is invested according to your age. For example when you're young your super will be invested in more high-risk growth assets like local and international shares, because you have more time to ride out any market volatility. If you're older (for example in your 50s) your super will be invested in more low-risk options like term deposits and bonds.

This is a good set-and-forget investment strategy because it will be adjusted for you as you get older, to make sure it's invested appropriately. This means you won't have to think about your super until you're looking to retire, which is appealing for a lot of people who don't want the stress of managing their super.

Single diversified investment option

This investment option offers one single diversified portfolio. This option doesn't invest in line with your age, but is still managed on your behalf and continually adjusted. A lot of these investment options will allocate about 70% of your super balance to growth assets (higher risk, but higher return assets like shares) and about 30% to defensive assets (like cash products).


The pros and cons of MySuper

Pros:

  • Lifecycle investment strategy is a great set-and-forget option.
  • MySuper must offer a standard level of life and Total and Permanent Disability (TPD) insurance.
  • MySuper is easy understand, and simple to use and manage.
  • MySuper should have lower fees than standard retail super funds

Cons:

  • Some critics say MySuper places too much emphasis on low fees and not enough on performance.
  • If you want to be very 'hands-on' with your super this option might not be for you
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4 Responses

  1. Default Gravatar
    darrenAugust 22, 2019

    What is the difference between MYSUPER and a regular BALANCED fund?

    • Avatarfinder Customer Care
      JeniAugust 23, 2019Staff

      Hi Darren,

      Thank you for getting in touch with Finder.

      Balanced fund is a type of investment option while MySuper is one of the types of super funds. Your fund’s various investment options may contain the same types of assets, but at different weightings, to suit the level of risk you are comfortable with. To know more about balanced fund, you may go through this ASIC page.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  2. Default Gravatar
    PaulMay 19, 2017

    I wish to compare the % return on my allocated pension accounts with you, with my “locked up ” account with BT.
    All the years from 2009 onwards please. Also is the annual charge still $400 , in fact , what are the total annual costs with my cbus and , if relevant , when did they change.
    (I intend fighting Westpac and wish to hi-lite what’s available compared with their awful costs and financial adviser performance.)
    Thank you in anticipation.

    • Avatarfinder Customer Care
      MayMay 30, 2017Staff

      Hi Paul,

      Thank you for reaching out. Please note that you’ve come through to finder.com.au – a financial comparison website and general information service designed to help consumers make better decisions. We do not offer super funds and we are not affiliated with any company we feature on our site so we can only offer a general advice.

      I’m afraid we do not have that information you are looking for. Is your account with Cbus? If so, please contact them directly if you’d like to compare the return on your allocated pension and all other fees and charges as well as the changes on your account.

      In case, you can also find on this page the super funds available for you and click here to get more details on industry super funds. Alternatively, you can speak to a financial adviser who can help you manage your super.

      Cheers,
      May

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