My business and MySuper
Did you know that as an employer you have to select a default super fund for your employees that is ‘MySuper’ compliant?
We help you gain a better understanding of your MySuper obligations, plus the benefits of offering your employees a simple and cost-effective super product.
What is MySuper?
MySuper is a government initiative aimed at making super simpler and easier for everyone, including businesses. The legislation which applies from 1 January 2014, means that if an employee does not choose their own fund, you are required to make your employer contributions to a MySuper product.
MySuper was introduced to improve the transparency and comparability of default super products, which means as a business you can confidently offer your employees a simple and cost-effective super plan. MySuper products have standard features, basic fee structures and are designed to be easy to understand and compare.
What does it mean for my business?
As a business owner you need to ensure that your default super fund complies with the MySuper obligations. If you’re already making your employees’ contributions into an Essential Super account, its business as usual, as Essential Super is MySuper compliant.
Why choose Essential Super for your business?
With Essential Super you can manage your employees’ super and make super payments easily via NetBank. As employees join your business, you can simply create accounts for them and all you’ll need are a few of their details – no paperwork or signatures required.
Essential Super has the MySuper tick of approval so you can be confident in knowing your providing your employees with a super account that has:
- easy to understand and competitive fees
- lifestage investment options which automatically adjust your employees’ asset allocation as they grow older
- automatic acceptance of Death and Total and Permanent Disability insurance for members aged less than 60 years and flexibility to halve or double cover to suit their needs.
It’s simple to set up Essential Super for your business. Just log on to NetBank and click ‘Offers and Apply’, and in a few simple steps you will be ready to take control of your business’s super responsibilities. If you don’t have NetBank you can go into any branch to set one up.
Need more information?
Contact us on 13 4074 or visit our Essential Super business hub to find out more about Essential Super for your business.