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.
- 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.
Both options make good financial sense—we look at some pros and cons to help you decide.