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What is the purpose of “MySuper”?
13/10/2011
The purpose of “MySuper” is to define what will be acceptable as the super product under the 9% contribution system and for Industrial Awards.
Unless an employee makes a fund choice decision, then their SG contributions (ie 9% compulsory contributions) must be made to a “MySuper” product. Additionally, it will be possible for an employee to choose to direct their SG contributions to a “MySuper” product.
Eventually, Industrial Awards will only specify “MySuper” products. Further employers will only be entitled to claim a tax deduction for SG contributions which are made to a “MySuper” product (unless the employee selects a different type of super product – such as an SMSF or a retail super product).
