Outside the SMSF system almost three-quarters of super fund members do not direct how they want their contributions invested, so the fund trustees have a default investment option for these contributions. MySuper, implemented from 1 January 2014, is a set of rules about these accounts. The rules place additional duties on trustees and specify costs and investment rules for the default option.

These changes are reflected in the superannuation provisions in modern awards.

Superannuation funds can apply to APRA to offer a MySuper product.

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