What is 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.

AustralianSuper - Pre-mixed Balanced Super Fund Offer

AustralianSuper - Pre-mixed, Balanced Super Fund

AustralianSuper - Pre-mixed Balanced Super Fund Offer

  • 2019 Finder Awards Winner: Best Super Fund - Balanced
  • Join and consolidate your super with the easy-to-use mobile app
  • Australia's best performing growth fund over 10 years*
*To June 2019, according to Chant West. Investment returns are not guaranteed. Past performance is not a reliable indicator of future returns.
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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).

Compare MySuper funds

Name Product Past Performance - 1 Year Past Performance - 3 Years Past 5 year performance Calculated fees on $50,000 balance
8.67%
10.72%
9.48%
$437.65
The Balanced option is a pre-mixed, MySuper fund that invests in a diversified range of asset classes.
AustralianSuper is an award-winning industry super fund and is the largest super fund in Australia.
8.52%
10.48%
8.9%
$523
The Lifecycle Balanced option is a MySuper product that invests your super in a balanced fund until you’re near retirement.
Earn a Retirement Bonus of up to $4,800 when you open a new Income account. T&Cs apply.
11.03%
9%
9.74%
$395
The Lifetime option is a MySuper product that adjusts your investment mix each 7-10 years as you get older.
QSuper is a member-owned super fund and is one of the largest super funds in Australia.
-1.36%
N/A
N/A
$358
The Lifestage Tracker is a MySuper product that invests in a range of asset classes in line with your age.
Earn Velocity Frequent Flyer Points for making contributions to your super. T&Cs apply.
7.27%
9.06%
7.79%
$598
The LGIA MySuper Lifecycle option aims for higher returns while you’re under 75.
LGIA is a medium-sized, member-owned super fund open to all Australians.
6.03%
N/A
N/A
$573
The LifetimeOne investment option is a MySuper product that changes your investment mix as you get older.
A Catholic super fund open to all Australians and designed for people working in Catholic education, healthcare or aged care.
New Fund
New Fund
New Fund
$291.50
The Balanced Essentials fund invests in a range of shares, residential property and other assets and has a medium level of risk.
Superestate focuses on investing your super in physical residential properties and charges some of the lowest annual fees in the market.
7.71%
10.09%
8.3%
$549.42
This MySuper product will invest your super in a pre-mixed Growth fund until you’re 60, then it’ll switch to Balanced.
First State Super is a not-for-profit super fund with more than 750,000 members around Australia.
7.25%
9.58%
8.32%
$548.53
The Core Pool invests in a mix of asset classes and is an authorised MySuper product.
HESTA is an industry super fund open to all Australians and designed for employees in the health and community services sector.
-2.16%
5.03%
5.41%
$643
The MySuper Lifestage fund invests your super in a mix of asset classes depending on how old you are.
Westpac Group customers can manage their super alongside their day-to-day bank accounts.
6.99%
9.9%
9.03%
$565
The Growth fund is a pre-mixed investment portfolio and an approved MySuper product.
Cbus is a leading industry super fund for the building and construction industry, that’s open to all Australians.
4.88%
7.79%
8.03%
$682.65
The MySuper Balanced Growth option is a ready-made, diversified fund with a medium level of risk.
BUSSQ is an industry fund designed for the building and construction industry and open for all Australians.
-1.04%
4%
5.27%
$581.80
The Lifestage Fund readjusts your investment mix every few years to reduce your level of risk as you get older.
A retail super fund that offers access to personalised financial planning and advice.
6.8%
10.8%
9.65%
$546.76
The Balanced fund invests your super in a range of assets and is designed for high long-term growth.
An industry super fund open to all Australians with a focus on the hospitality and retail sector.
7.66%
9.33%
9.03%
$469.76
The Balanced option is a MySuper product that invests in a range of asset classes aiming for medium to high long-term returns.
MTAA is a national super fund available to all Australians with a focus on the motor trades and automotive sector.
N/A
N/A
N/A
$728
The Growth option is a diversified portfolio that aims for high growth over the medium to long term.
MLC is a large retail fund open to all Australians. MLC is the wealth management arm of National Australia Bank.
5.94%
8.57%
7.36%
$497.60
The Core Strategy is a diversified investment portfolio that balances risk and return, and is an authorised MySuper product.
REST is an industry super fund tailored towards the retail sector and open to all Australians with almost two million members.
9.88%
9.97%
9.35%
$361
The Balanced option is a MySuper product that invests in a mix of growth and defensive assets.
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.


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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