What is Superhero MySuper?
Superhero MySuper is an employer default fund option.
MySuper was introduced as part of the Federal Government’s 2011 ‘Stronger Super’ reforms and is designed to provide simpler, cheaper and more easily comparable super funds for all Australians. Superhero offers MySuper as a default option for employers.
Full details about the Superhero MySuper account option can be found in the Superhero Super Product Disclosure Statement, Additional Information Guide and Superhero MySuper Insurance Guide.
Does Superhero offer an employer default option?
Yes, Superhero Super’s employer default option is called Superhero MySuper.
Full details about the Superhero MySuper account option can be found in the Superhero Super Product Disclosure Statement, Additional Information Guide and Superhero MySuper Insurance Guide.
What are the fees for Superhero MySuper?
The fees for Superhero MySuper are made up of an administration fee and investment fee. The administration fee paid by you for Superhero Super is $20 per year regardless of your account balance plus 0.35% of your account balance per year. The investment fee for the Superhero MySuper Growth Option is 0.31%
If your balance was $50,000 at the beginning of the year, then for that year you will be charged total fees and costs of $365 for the superannuation product. Please note: $15 out of this total amount will not be charged to you but is required to be disclosed. You will be charged total fees of $350.
What are the investment options for Superhero MySuper?
There is only one investment option for the Superhero MySuper account.
Members in this account option can change their investment options, but this will result in becoming a member of Superhero Super’s choice account type which has different fees applicable.
For full details on the differences between Superhero MySuper and Superhero Super please read the Superhero Super Product Disclosure Statement.
How do I choose Superhero MySuper as the default option for my employees?
If you would like to select Superhero MySuper as the default fund head to the government’s SuperStream service or via the Small Business Superannuation Clearing House.
There you will see Superhero MySuper as an option and you can set up new employee accounts and pay contributions into Superhero MySuper for these employees.
Does Superhero MySuper offer insurance cover?
Yes, Superhero MySuper comes with a default insurance offering, which includes Death, TPD and Income Protection cover. Full details are available in the Superhero MySuper Insurance Guide.