Super made simple

Many super funds now offer a new, simple and cost-effective super account called MySuper.

We explain what MySuper accounts offer you and how you can get one.

What is MySuper?

All MySuper accounts are accumulation funds and not defined benefit funds. Retail, industry and corporate funds can all offer MySuper accounts. Find out more about different types of super funds.

MySuper accounts offer:

  • Lower fees (and restrictions on the type of fees you can be charged)
  • Simple features so you don't pay for services you don't need
  • A single diversified investment option or a lifecycle investment option

MySuper investment options

There are two ways super funds can manage your investments through MySuper accounts. They will either use a single diversified investment strategy or a lifecycle approach.

Single diversified investment strategy

This is how most MySuper options work. If you do nothing your money will be put in a standard mix of investments and the risk-reward approach will stay the same for your whole life.

Check with your super fund to find out about their investment approach. It is common for these funds to have a balanced/growth approach to investing with 70% of assets in growth (e.g. shares and property) and 30% in defensive investments (e.g. cash and fixed interest).

Lifecycle investment strategy

Super funds that offer a lifecycle option will move your money from growth investments when you're young to more conservative investments when you're older.

The goal is to take on more risk when you're young because you have time to ride the ups and downs of financial markets. Then as you get older your super fund will reduce your risk to secure what you've built up over your working life.

You don't have to make any changes yourself with a lifecycle option - your fund changes your investment strategy automatically for you.

MySuper lifecycle funds typically categorise you based on your age or when you were born - which is effectively the same thing.

This table shows you an example of a typical investment mix with the percentage of your super savings in growth and defensive assets, depending on your age.

Typical mix for a lifecycle investment strategy

Age Growth Defensive
Under 45 85% 15%
45-54 75% 25%
55-64 55% 45%
65 or older 40% 60%

Find out more about super investment options.

Getting a MySuper account

If you haven't chosen your super fund in the past and you have just gone with the fund your employer selected, your super will have been automatically transferred into a MySuper account.

If you are in a defined benefit fund or you have invested in certain legacy products you will not be transferred to a MySuper account. Ask your super fund if you are not sure where you stand or you want more information. If you have already chosen a super investment option within your existing fund you can choose to move to a MySuper option if you want.

Contact your super fund to see if MySuper is right for you. See choosing a super fund to find out more about your options. 

Picking the right super account is important no matter what your age. How much your money grows will affect the lifestyle you have in retirement.

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Last updated: 14 Feb 2019