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
Related obligations
- CWLTHAnnual YFYS performance test (MySuper + Choice)APRA annual performance test for MySuper products + (from 2024) Trustee Directed Products.
- 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.
- CWLTHComply with SIS Act trustee covenantsSuper fund trustees owe statutory covenants of care, skill, diligence, best financial interests, and prudent investment.
- CWLTHLodge an annual SMSF audit before lodging the SMSF Annual ReturnSelf-managed super funds must be audited by an ASIC-registered auditor each year.
- CWLTHMaintain SMSF compliance with the sole purpose test (s 62)SMSFs must be maintained for the sole purpose of providing retirement benefits.
- CWLTHStronger Member Outcomes — APRA SPS 515RSE licensees must annually assess member-outcomes performance + take action.
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://apra.gov.au/mysuper. Rules Mate is not a law firm. Always verify against the live regulator source before acting.