MySuper authorisation for default super products
Default super contributions can only flow to APRA-authorised MySuper products.
Who must comply
APRA-regulated super trustees offering default products.
What triggers it
Offering a default investment option.
When due
Continuous; annual performance test; member-outcome assessment.
Evidence required
MySuper authorisation, performance test results, member-outcome assessment record.
Max penalty
APRA can require name-and-shame, prohibit new members, withdraw authorisation
Who must comply with this? The applicability test by industry, business structure and size.
Summary
Under the Stronger Super reforms, default superannuation contributions (where an employee has not chosen a fund) must be paid to a MySuper-authorised product. Trustees offering MySuper products must hold APRA authorisation, meet member-outcome assessment requirements, and pass annual performance testing.
Enforced by
Source legislation
Industries
Topics
Related
- CWLTHAnnual YFYS performance test (MySuper + Choice)APRA annual performance test for MySuper products + (from 2024) Trustee Directed Products.
- CWLTHLodge an annual SMSF audit before lodging the SMSF Annual ReturnSelf-managed super funds must be audited by an ASIC-registered auditor each year.
- CWLTHComply with SIS Act trustee covenantsSuper fund trustees owe statutory covenants of care, skill, diligence, best financial interests, and prudent investment.
- CWLTHPay superannuation on every payday (Payday Super)From 1 July 2026, super must reach the employee's fund within 7 business days of each payday.
- CWLTHStronger Member Outcomes — APRA SPS 515RSE licensees must annually assess member-outcomes performance + take action.
- CWLTHMaintain SMSF compliance with the sole purpose test (s 62)SMSFs must be maintained for the sole purpose of providing retirement benefits.
Frequently asked questions
- Who must comply with MySuper authorisation for default super products?
- APRA-regulated super trustees offering default products.
- What triggers MySuper authorisation for default super products?
- Offering a default investment option.
- When is MySuper authorisation for default super products due?
- Continuous; annual performance test; member-outcome assessment.
- What is the maximum penalty for MySuper authorisation for default super products?
- APRA can require name-and-shame, prohibit new members, withdraw authorisation
- What evidence is required for MySuper authorisation for default super products?
- MySuper authorisation, performance test results, member-outcome assessment record.
Source: https://www.apra.gov.au/superannuation. Rules Mate is not a law firm. Always verify against the live regulator source before acting.