Simple default investment option
The government’s MySuper reforms have created a new foundation for Australia’s superannuation system, targeting simpler, lower cost solutions for retirement savings. As of 1 January 2014, all employers must pay default superannuation contributions to an authorised MySuper fund that carries standard benefits such as life and total permanent disablement insurance.
In many cases, this new default fund, selected by employers on behalf of their workforces, supersedes legacy funds. These reforms return the responsibility of superannuation to the employer, providing superannuation as a benefit for employees.
The challenge for employers is to choose the best options for their employees from a smaller pool of superannuation funds which offer the best options and value for their employees.
Not all superannuation funds are MySuper approved or compliant.
Resource Super, as a division of the Russell SuperSolution Master Trust, offers a fully compliant MySuper fund solution for organisations.