MySuper – what is it and how it affects you
80% of members sit in the default investment option in their super fund and never exercise choice.
As part of the Government legislation that falls under the "Stronger Super" banner, superannuation funds had to offer a MySuper product to all new members and any existing members that haven't made an investment switch by 1 January 2014.
The aim of these reforms is to improve the retirement savings of members, and is intended to be a simple superannuation product which provides value for money. Industry fund default options like the Super Saver Balanced Growth option in Vision Super have arguably always provided this style of super account.
Vision Super MySuper
We have been granted a MySuper licence and are now accepting contributions into MySuper. Vision Super is committed to delivering the best value for money retirement savings products for our members. Our MySuper product has the same benefits and features as the Super Saver product (with the Balanced Growth investment option).
All new employees who join Vision Super Saver from 1 January 2014 are automatically added to the MySuper category of Super Saver (unless they have made a specific investment choice).
Existing members who haven't made an investment choice (around 80% of existing Super Saver members) and are in Balanced Growth have been automatically transferred to the MySuper category of membership. If you are unsure about which category of membership you are in, log into your Vision Online account to check.
Use our MySuper Product Dashboard to compare our MySuper investment option with other funds.
Nothing changes for members
The Vision Super Saver product that you already know (with the Balanced Growth investment option) ticks all the MySuper boxes. It is legislated that a MySuper product must include all of the features below which are currently already part of the Vision Super Saver Balanced Growth option (our default option):
- A single, diversified investment strategy;
- Fees applied in a prescribed manner, limited mostly to recovering operating costs of providing a MySuper product; and
- A standard, default level of Death and Total & Permanent Disablement (TPD) insurance cover, with the option for the member to increase or decrease this cover.
Income protection insurance is not required under MySuper; however Vision Super continues to offer this as an automatic benefit for all permanent employees.
The good news is that for members who wish to more actively manage their superannuation savings, the Fund will still offer the full range of investment options.
If you have any questions about MySuper or your benefits with Vision Super, please contact our Member Services team on 03 9911 3222 or 1300 300 820 if you’re calling from a regional area.