What is MySuper?

What is MySuper?

MySuper is a type of superannuation account, and is usually the default option offered by Australian super funds. This means when you join a super fund you'll automatically be placed in the fund's MySuper investment option, unless you choose to be in a different option.

All Australian employers have a default super fund for employees who don't already have their own super fund, or who don't want to choose a super fund themselves. MySuper is a government initiative to provide simple super products for employers to choose as their default fund for employees. MySuper options have basic features and fee structures allowing members to compare funds easily based on cost, investment performance and insurance.

The idea of MySuper products is that they are low-cost, simple products without any confusing investment options or special features that are hard to understand. MySuper products are offered by both retail super funds and industry super funds as an investment option alongside their existing investment options.

The features of MySuper

MySuper typically have the following features:

• Low fees (although some are much higher than others, so you still need to compare)
• Simple features
• Simple, default insurance options which you can easily opt out of if you wish
• A single diversified investment option, or
• A lifecycle investment option based on your age
• Investment strategy that isn't too high-growth, or too conservative

Finder survey: What is the average age Australians set up an SMSF?

MySuper investment options

There are two main investment options offered by MySuper products; a diversified investment portfolio or a lifecycle strategy that invests based on your age.

Lifecycle investment option

With this option, your super is invested according to your age. For example when you're young your super will be invested in more high-risk growth assets like local and international shares, because you have more time to ride out any market volatility. If you're older (for example in your 50s) your super will be invested in more low-risk options like term deposits and bonds.

This is a good set-and-forget investment strategy because it will be adjusted for you as you get older, to make sure it's invested appropriately. This means you won't have to think about your super until you're looking to retire, which is appealing for a lot of people who don't want the stress of managing their super.

Single diversified investment option

This investment option offers one single diversified portfolio (diversified simply means it's got a mix of different assets, such as shares, property, infrastructure, fixed interest and cash). This option doesn't invest in line with your age, but is still managed on your behalf and continually adjusted. A lot of these investment options will allocate about 70% of your super balance to growth assets (higher risk, but higher return assets like shares) and about 30% to defensive assets (like cash products). They're usually called 'Growth' or 'Balanced' options.

MySuper options: Some popular examples

It's likely that the super fund you've currently got your super balance in is a MySuper fund, but just isn't named as such. Here are some examples of popular super funds and their default MySuper option.

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Last 1 year performance (p.a.) (low-high)Last 1 year performance (p.a.) (high-low)Last 3 year performance (p.a.) (low-high)Last 3 year performance (p.a.) (high-low)Last 5 year performance (p.a.) (low-high)Last 5 year performance (p.a.) (high-low)Last 10 year performance (p.a.) (low-high)Last 10 year performance (p.a.) (high-low)Fees on $50k balance (p.a.) (low-high)Fees on $50k balance (p.a.) (high-low)

Product	Last 1 year performance (p.a.)	Last 3 year performance (p.a.)	Last 5 year performance (p.a.)	Last 10 year performance (p.a.)	Fees on $50k balance (p.a.)
Promoted UniSuper - High Growth Industry fund Higher risk	Last 1 year performance (p.a.) +16.34%	Last 3 year performance (p.a.) +6.2%	Last 5 year performance (p.a.) +9.09%	Last 10 year performance (p.a.) +10.04%	Fees on $50k balance (p.a.) $451	This fund targets high growth over a long term horizon by investing in higher growth, higher risk assets such as Australian and international shares.	Go to siteMore info Compare	loading Fetching your data...
Promoted Australian Ethical Super - High Growth Green Company Ethical Higher risk	Last 1 year performance (p.a.) +15.37%	Last 3 year performance (p.a.) +4.84%	Last 5 year performance (p.a.) +8.44%	Last 10 year performance (p.a.) +8.52%	Fees on $50k balance (p.a.) $728	This is a high-risk, high-growth option that invests in Australian and international shares, property and alternatives to provide long term growth.	Go to siteMore info Compare	loading Fetching your data...
Promoted Vanguard Super SaveSmart - High Growth Higher risk	Last 1 year performance (p.a.) +16.32%	Last 3 year performance (p.a.) N/A	Last 5 year performance (p.a.) N/A	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $270	This is a high-risk, high-growth option that invests in a range of different asset classes, with a strong focus on Australian and international shares.	Go to siteMore info Compare	loading Fetching your data...
Virgin Money Super Indexed Overseas Shares Indexed investmentHigher risk	Last 1 year performance (p.a.) +29.11%	Last 3 year performance (p.a.) +11.73%	Last 5 year performance (p.a.) +13.36%	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $385	Go to siteMore info Compare	loading Fetching your data...
Australian Retirement Trust - International Shares Index (unhedged) Finder AwardIndustry fundIndexed investmentHigher risk	Last 1 year performance (p.a.) +26.07%	Last 3 year performance (p.a.) +10.34%	Last 5 year performance (p.a.) +12.28%	Last 10 year performance (p.a.) +11.92%	Fees on $50k balance (p.a.) $192	Go to siteMore info Compare	loading Fetching your data...
Virgin Money Super - LifeStage Tracker Lifestage	Last 1 year performance (p.a.) +15.61%	Last 3 year performance (p.a.) +6.76%	Last 5 year performance (p.a.) +8.11%	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $363	Go to siteMore info Compare	loading Fetching your data...
Vanguard MySuper - Lifecycle Age 47 and under Lifestage	Last 1 year performance (p.a.) +16.44%	Last 3 year performance (p.a.) N/A	Last 5 year performance (p.a.) N/A	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $280	Go to siteMore info Compare	loading Fetching your data...
Hostplus Indexed Balanced Industry fund	Last 1 year performance (p.a.) +14.22%	Last 3 year performance (p.a.) +6.59%	Last 5 year performance (p.a.) +7.63%	Last 10 year performance (p.a.) +7.75%	Fees on $50k balance (p.a.) $135	Go to siteMore info Compare	loading Fetching your data...
UniSuper - Sustainable Balanced Finder AwardIndustry fundEthical	Last 1 year performance (p.a.) +15.25%	Last 3 year performance (p.a.) +4.41%	Last 5 year performance (p.a.) +7.2%	Last 10 year performance (p.a.) +7.79%	Fees on $50k balance (p.a.) $316	Go to siteMore info Compare	loading Fetching your data...
Vanguard Super SaveSmart - International Shares Higher risk	Last 1 year performance (p.a.) +28.23%	Last 3 year performance (p.a.) N/A	Last 5 year performance (p.a.) N/A	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $280	Go to siteMore info Compare	loading Fetching your data...
Hostplus - International Shares - Indexed Industry fundHigher risk	Last 1 year performance (p.a.) +28.59%	Last 3 year performance (p.a.) +11.35%	Last 5 year performance (p.a.) +12.97%	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $155	Go to siteMore info Compare	loading Fetching your data...
Aware Super - Balanced Socially Conscious Finder AwardIndustry fundEthical	Last 1 year performance (p.a.) +14.68%	Last 3 year performance (p.a.) +6.36%	Last 5 year performance (p.a.) +8.14%	Last 10 year performance (p.a.) +7.94%	Fees on $50k balance (p.a.) $322	Go to siteMore info Compare	loading Fetching your data...
AMP Super MySuper Lifestages 1970s Lifestage	Last 1 year performance (p.a.) +14.95%	Last 3 year performance (p.a.) +6.3%	Last 5 year performance (p.a.) +7.44%	Last 10 year performance (p.a.) +7.78%	Fees on $50k balance (p.a.) $481	Go to siteMore info Compare	loading Fetching your data...

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How we picked these

The information in this table is based on data provided by SuperRatings Pty Limited ABN 95 100 192 283, a Corporate Authorised Representative (CAR No.1309956) of Lonsec Research Pty Ltd ABN 11 151 658 561, Australian Financial Services Licence No. 421445. In limited instances, where data is not available from SuperRatings for a product, the data is provided directly by the superannuation fund.

*Past performance data and fee data is for the period ending December 2024

Disclaimer: Performance, fees and insurance data is based on each fund's default MySuper product. Where the performance, fees and insurance data for the MySuper fund vary according to the member's age, results for individuals between 40-49 years of age have been shown. This article is general advice. You should consider your own personal circumstances before deciding if a superannuation product is right for you. Superannuation is a long term investment and past performance is not indicative of future performance.

The pros and cons of MySuper

Written by

Alison Banney

Editorial Manager, Money

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full bio

Alison's expertise

Alison has written 638 Finder guides across topics including:

• Superannuation
• Savings accounts, bank accounts and term deposits
• Budgeting and money-saving hacks
• Managing the cost of living