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
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
Source: https://apra.gov.au/mysuper. Rules Mate is not a law firm. Always verify against the live regulator source before acting.