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.
We were 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.
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 by logging on to your account or completing an Investment Change Form. .
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.
If you are an employer and we manage your corporate super plan for you: Designed to meet the Government’s MySuper requirements, the Suncorp Lifestage Fund ensures you meet your employer superannuation obligations. The only real change for you is that the Suncorp Lifestage Fund is now your fund’s default investment option. MySuper does not affect the way you make super contributions to us on behalf of your employees. This can still be done by cheque or BPAY, or using our online admin system and payment solution Asteron EASE™ – just call us if you need help with this.
To learn more about the Suncorp Lifestage Fund and its ‘lifestage’ approach to investing, download the Product Disclosure Statement.
Asteron Life™ is committed to providing customers with long term financial security. We provide life insurance products including Income Protection Covers, Trauma Cover, Total & Permanent Disablement (TPD) Cover, Life Cover and Business Expenses Cover. To obtain a copy of our privacy statement, please contact us on 1800 221 727 or visit the following website www.asteronlife.com.au/privacy to view or download the policy.
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