Super is changing

The Federal Government has introduced new changes to superannuation, known as Stronger Super. MySuper forms part of these changes. From 1 January 2014, employers will have an obligation to pay superannuation contributions into a default fund that is a MySuper investment option.

MySuper - what is it?

MySuper is for members who don't actively make an investment choice for their superannuation savings and will replace all existing default investment options in super funds.

AMP's MySuper approach

  • AMP's MySuper approach is to minimise disturbance for you and your members
  • Our MySuper investment option is called AMP MySuper and will simply be a new default investment option that will replace your current default investment option within your plan
  • AMP's MySuper investment option will be available from 1 January 2014, to enable you to meet your obligations to direct employee contributions to a super fund that offers a MySuper investment option.

MySuper also has insurance requirements

MySuper legislation provides significant flexibility around the insurance offering. There are three requirements your insurance arrangements will need to meet for MySuper:

  • Death and Total and Permanent Disability (TPD) must be provided (subject to reasonable conditions determined by the trustee of your plan),
  • Employees must be able to opt out of TPD cover and retain death cover or opt out of both,
  • A minimum level of death cover is required. 

We anticipate that only a small group of employer plans will be impacted by these requirements. We'll contact you if any insurance changes are required.

Member benefits

  • All MySuper members will continue to receive AMP's member services. This includes access to AMP's suite of member tools, which include workplace education, digital education and advice in person or by telephone
  • We know it's important to be able to easily access information so we use a variety of channels including online, phone and paper-based
  • AMP believes that members who take an active interest in their super are better off, so our aim is to make this involvement easy for all our members.

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It’s important to consider your particular circumstances and read the relevant Product Disclosure Statement or Terms and Conditions before deciding what’s right for you. This information hasn’t taken your circumstances into account. 

This information is provided by AMP Life Limited. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice.