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What is MySuper?
A MySuper fund is a low-cost, simple superannuation fund product. A MySuper product is usually the default super product offered by superannuation funds to members, and it's where the majority of Australians have their super invested.
MySuper is a type of superannuation account, and is usually the default option offered by Australian super funds. This means when you join a super fund you'll automatically be placed in the fund's MySuper investment option, unless you choose to be in a different option.
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, simple products without any confusing investment options or special features that are hard to understand. MySuper products are offered by both retail super funds and industry super funds as an investment option alongside their existing investment options.
The features of MySuper
MySuper typically have the following features:
Low fees (although some are much higher than others, so you still need to compare)
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
Investment strategy that isn't too high-growth, or too conservative
Finder survey: What is the average age Australians set up an SMSF?
Response
40
8.26%
50
7.34%
18
5.5%
20
5.5%
25
4.59%
30
4.59%
35
3.67%
37
3.67%
65
3.67%
15
2.75%
21
2.75%
28
2.75%
33
2.75%
46
2.75%
58
2.75%
60
2.75%
16
1.83%
22
1.83%
29
1.83%
31
1.83%
42
1.83%
45
1.83%
48
1.83%
51
1.83%
52
1.83%
54
1.83%
63
1.83%
12
0.92%
19
0.92%
24
0.92%
26
0.92%
36
0.92%
38
0.92%
43
0.92%
49
0.92%
55
0.92%
56
0.92%
57
0.92%
59
0.92%
62
0.92%
64
0.92%
70
0.92%
Source: Finder survey by Pure Profile of 1016 Australians, December 2023
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 (diversified simply means it's got a mix of different assets, such as shares, property, infrastructure, fixed interest and cash). 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). They're usually called 'Growth' or 'Balanced' options.
MySuper options: Some popular examples
It's likely that the super fund you've currently got your super balance in is a MySuper fund, but just isn't named as such. Here are some examples of popular super funds and their default MySuper option.
Super fund
MySuper product
AustralianSuper
AustralianSuper Balanced
Australian Ethical Super
Australian Ethical Super Balanced
Hostplus
Hostplus Balanced
Sunsuper
Sunsuper Lifecycle Balanced
REST Super
REST Super Core Strategy
UniSuper
UniSuper Balanced
Compare super funds
1 - 10 of 446
Unless indicated otherwise, the information in the table is based on data provided by SuperRatings Pty Limited ABN 95 100 192 283, Australian Financial Services Licence 311880.
*Past performance data and fee data is for the period ending Feb 2024
Unless indicated otherwise, the information in the table is based on data provided by SuperRatings Pty Limited ABN 95 100 192 283, Australian Financial Services Licence 311880.
*Past performance data and fee data is for the period ending Feb 2024
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
Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds.
There are more than 100 banks in Australia and new ones pop up all the time. So how do you know what one to pick when you come from overseas? Finder has pooled all the information together to help you compare.
A balanced fund is a type of investment option while MySuper is one of the superannuation options for Australians. Your fund’s various investment options may contain the same types of assets, but at a different weighting and to suit the level of risk you are comfortable with. You can learn more about the balanced funds.
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.
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 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 super funds available for you on our website. You can also read more details on industry super funds.
Alternatively, you can speak to a financial adviser who can help you manage your super.
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What is the difference between MYSUPER and a regular BALANCED fund?
Hi Darren,
Thank you for getting in touch with Finder.
A balanced fund is a type of investment option while MySuper is one of the superannuation options for Australians. Your fund’s various investment options may contain the same types of assets, but at a different weighting and to suit the level of risk you are comfortable with. You can learn more about the balanced funds.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
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.
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 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 super funds available for you on our website. You can also read more details on industry super funds.
Alternatively, you can speak to a financial adviser who can help you manage your super.
Cheers,
May