Start Date for “MySuper”

The “MySuper” changes will officially commence on 1 January 2013 (though it is possible that the start date may be brought forward – as if).  

Trustees will be able to apply for a “MySuper” licence from 1 January 2013.  While licenses may be issued before 1 July 2013, they will apply from 1 July 2013.  Consequently, “MySuper” products will only be available on and from 1 July 2013.  Licenses issued after 1 July 2013 will have a commencement date on the date of issue of the licence (or a later specified date).

There will be a transition period from 1 July 2013 to 30 September 2013 to permit employers to adjust to the new system.  During this transaction period employers making the 9% SG contributions can make the contributions to either a current default fund or to a “MySuper” product.  From 1 October 2013 only “MySuper” products will qualify as default funds under the 9% compulsory superannuation arrangements.