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“MySuper” Changes
13/10/2011
The “MySuper” changes are the first tranche of the Stronger Super changes. The first tranche (as set out in the Exposure Draft of the proposed legislation) deals with the details of the authorisation to issue a “MySuper” product and the product features applying to “MySuper” products.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.Start Date for “MySuper”
13/10/2011
The “MySuper” changes will officially commence on 1 January 2013 (though it is possible that the start date may be brought forward – as if).What is a “MySuper” product?
13/10/2011
Briefly, a “MySuper” product is merely a superannuation product which satisfies particular rules. There is no need to establish a new super fund: a “MySuper” product could be issued from an existing super fund.What are the details of a “MySuper” product?
13/10/2011
Importantly, a “MySuper” product is intended to operate only in the accumulation phase of super and not the drawdown phase.