Super funds may apply to offer members a default low-cost superannuation product known as a MySuper product. MySuper products have a simple set of features which are intended to make comparisons of those key features - fees and costs, insurance, investment performance, and the level of risk – much easier for members.
From 1 January 2014, unless an employee chooses their own fund, their employer will only be able to make superannuation contributions for them to a default super fund that offers a MySuper product.
Media Super’s Balanced option for super accounts has been authorised as a MySuper product (identifier 42574421650098).
From 1 July 2013 all super account amounts invested in Media Super’s Balanced option are considered as invested in the MySuper product. Employers can meet their obligations by contributing to Media Super because all default contributions are allocated to the MySuper product.