MySuper is one of a range of Government reforms being made to superannuation under the ‘Stronger Super’ program – aimed at making super simpler and more efficient.
MySuper is intended to be a superannuation product for people who aren’t actively involved in their super. It has standard features like competitive fees and no commissions and is designed to make super easier to understand and to allow employers and members to easily compare super funds.
From 1 January 2014, if super funds wish to accept Superannuation Guarantee (SG) contributions from members who have not actively selected their own investment strategy, they need to offer a MySuper product.
Our MySuper investment option - the Suncorp Lifestage Fund
Suncorp was granted a MySuper Authorisation by the Australian Prudential Regulatory Authority (APRA) in 2013 and our MySuper product is the Suncorp Lifestage Fund. It’s now been added as a new investment option to most of our corporate superannuation plans. Developed to meet all of the Government’s MySuper requirements, it’s easy to understand, has competitive fees, pays no commissions and offers a minimum level of insurance cover.
Designed with our investment partner Ibbotson, a worldwide leader in investing, the Suncorp Lifestage Fund brings together the skill and expertise of a number of quality investment managers from Australia and around the world. It takes a ‘lifestage’ approach to investing – which means we’ll allocate a diversified investment mix determined by age and automatically change the mix over time.
How does MySuper impact Suncorp corporate super plan members?
If you were an existing member pre 1 January 2014: If you were impacted by the MySuper changes we would have written to you in November 2013. If we didn’t receive an investment selection from you prior to 20 December 2014, from 1 January 2014 we would be directing your future super contributions to our MySuper product – the Suncorp Lifestage Fund. You can, of course, change your investment selection at any time.
If you are a new employee joining your employer’s super plan from 1 January 2014: Initially, when you join, if you do not make an investment selection, your super contributions will be automatically invested in the ‘MySuper’ default for your plan – the Suncorp Lifestage Fund. Details of the full range of investment options for your plan, along with information on how to make a new investment selection, will be included in the welcome pack we send to you shortly after joining.
Learn more about MySuper
To learn more about the Suncorp Lifestage Fund and its ‘lifestage’ approach to investing, or our Suncorp WealthSmart® Business Super plan and its full range of investment options, download the Product Disclosure Statement and Product Guide.