Your Super Mate

What is MySuper?

Short answer

MySuper is the low-cost default product every APRA-regulated fund must offer. Simple investment mix, capped fees, basic insurance. If you never chose an investment option, you're in your fund's MySuper.

MySuper was introduced in 2013 as a safety net for Australians who don't actively choose where their super gets invested. Every APRA-regulated fund must offer one.

What defines a MySuper product

  • A single diversified investment strategy (usually Balanced or a lifecycle option)
  • Transparent, capped fees — no commissions, no hidden charges
  • Basic default insurance (life + TPD, sometimes income protection)
  • Subject to APRA's annual performance test — fails two years running and the fund must stop accepting new members

MySuper vs Choice

Choice products are alternative investment options your fund offers — indexed, high-growth, cash, property, international equities. You have to actively select them. Most Australians stay in MySuper their whole working lives, which is usually fine.

When to switch out of MySuper

Consider switching to a different option within your fund if: you're very young and want higher-growth exposure than a Balanced mix; you're close to retirement and want to dial down volatility; or you want an indexed (passive) option to cut fees.

Sources

Related

General information only — not financial advice. Super decisions are long-term; verify with a licensed adviser.