MySuper funds: What they are and who offers them

If you are now, or ever have been, an employee and can’t remember choosing an investment option in your super fund, chances are you have retirement savings sitting in one or more MySuper accounts.

As we’re talking about 12% of your income and possibly hundreds of thousands of dollars by the time you retire, it’s worth following the money trail to see how your MySuper investment works and how it compares with alternatives.

Being in an underperforming MySuper product can leave a typical new workforce entrant $375,000 or 36% worse off by retirement, according to the Productivity Commission, and that’s not the outcome you want.

If your super is invested in your fund’s MySuper option, you’re not alone. As at June 2025, approximately 28% of all super assets (more than $1.2 trillion) was invested across more than 15 million member accounts. At the same time, the number of MySuper products is falling. There are currently 52 MySuper funds, down from 103 seven years ago, as small underperforming funds either merged with bigger funds or exited the industry.

What are MySuper funds?

MySuper acts as a default investment option inside super funds set up for people who don’t choose their own fund when they start their first job. Before 2021, new accounts were also created when people changed jobs and didn’t make a choice for their super, so you may have more than one. They are designed to be:

• Simple. You will be put into either a single diversified investment option or a lifecycle option, depending on the fund. Your fund’s features and investment returns are explained in plain English and easy to read graphs on a ‘dashboard’ that is readily available online or in print form with your annual statement.
• Low cost. A bit like a basic home loan, you don’t pay for features you don’t need. There are restrictions on the type of fees you can be charged, and fees are restricted to the cost of providing a service.
• Easy to compare. MySuper dashboards follow a standard format so they can be easily compared. Be mindful, though, that single option funds should not be compared directly with lifecycle MySuper products.

Retail, industry, and corporate funds can all offer MySuper investments to members in accumulation phase (pre-retirement). However, MySuper options can’t be offered in defined benefit funds and they are not available in super pension accounts for retirees. However, the same diversified option may be available for pension accounts, without the other MySuper features such as fee restrictions and a product dashboard.

A little history

MySuper began as part of the Stronger Super reforms introduced in 2011 by the Gillard Government to replace existing default super products. Legislation was enacted in 2012 and since 1 January 2014 only funds offering a MySuper product have been eligible to receive default super contributions for new employees. These days, if you start a new job and don’t choose a super fund, one of two things will happen:

• If you already have an account with a super fund, this fund is ‘stapled’ to you as you move from job to job. In this case, your new employer will make Super Guarantee (SG) contributions into your stapled fund.
• If you don’t have an existing account with a super fund, your employer will put your SG contributions into a fund that offers a MySuper investment option. That fund will put your savings in the MySuper investment until you choose an alternative investment strategy. The fund may be chosen by your employer or be part of an industry agreement.

Stapling was introduced to combat the estimated one in three super accounts that were unintended multiples, accumulated as people moved employers. Historically, member accounts were attached to the employer, not the employee.  

To remedy this situation, and answer one of the criticisms of both the Productivity Commission and the Financial Services Royal Commission, the government enacted legislation to staple super accounts to employees. This was part of the Your Future, Your Super package announced in the October 2020 Budget and took effect on 1 November 2021.

The other big issue for MySuper is defaulting members into poorly performing funds.

APRA turns up the heat on underperforming funds

As part of the Your Future, Your Super package, an annual performance test for MySuper products was created in 2021, and in 2023 the test was extended to some choice investments. The Australian Prudential Regulation Authority (APRA) conducts the test, with super trustees required to inform members that have savings in an underperforming investment option, and to close options to new members if the test is failed repeatedly.

Since the test’s introduction, APRA has observed a fall in fees and the removal of underperforming options. In 2024 and 2025, no MySuper products failed.

As part of the same package of reform, the Australian Taxation Office (ATO) launched an online MySuper comparison tool that ranks MySuper option by fees and net returns. The tool also indicates if a product has failed the performance test.

How do they work?

If you have a MySuper account and want to get better acquainted, the first thing to check is whether you are in a single diversified investment product or a lifecycle product. The two approaches can result in very different risk and return profiles, especially early and late in your working life.

In practice the MySuper product offered by a fund is just their default investment option. The fund will have a range of other investment options and you can even hold some of your account in the MySuper option and the rest in another option (or a range of other options).

Just over half (around 56%) of MySuper products are diversified options with a fixed asset allocation. This is usually a ‘balanced’ approach with around 70% invested in higher risk growth assets (shares and property) and 30% in lower risk defensive assets (cash and fixed interest). The risk/return profile remains at medium-high throughout your working life.

The remaining 44% of MySuper accounts use a lifecycle or lifestage approach and automatically reduce your exposure to growth investments, and increase defensive investments, as you age and get closer to retirement. Most retail sector MySuper funds are lifecycle, but some industry funds also use this approach.

The mix of growth and defensive investments in lifecycle accounts is usually based on your age and the decade of your birth. For example, a typical investment mix might be the following:

• 85/15 (growth investments/defensive investments) for under 45s
• 75/25 for members aged 45–54
• 55/45 for those aged 55–64
• 40/60 for those 65 and older.

This results in a progressive reduction in risk and returns, from high for younger members to medium-high for those in mid-career and low for older members. However, some big funds are beginning to refine their MySuper lifecycle approach on concerns that lumping people into decade cohorts is too broad.

For example, Australian Retirement Trust (previously Sunsuper) transfers small amounts from growth to defensive investments every year from age 50-65. 

Fees and insurance

One of the guiding principles behind MySuper was the need for greater transparency, and this is particularly so where fees are involved.

MySuper funds are required to disclose all fees and the type of fees that are permitted are defined in law. Some fees must be limited to the cost of providing a service. Fees are charged for administration, investment and other services such as switching funds or contribution splitting.

One of the main features of MySuper dashboards is that fees are added up and reported as a single dollar figure for a member with a $50,000 balance. This allows for an easy comparison of total fees across MySuper funds.

MySuper funds are also required to offer a basic level of cover for life and TPD (Total and Permanent Disability) insurance for most, but not all members. Insurance is now ‘opt-in’ for members aged under 25 or with an account balance below $6,000 to avoid fees eroding their retirement savings and/or unnecessary cover. This change was part of the Putting Members’ Interests First legislation that came into effect on 1 April 2020.

How to compare MySuper funds

If you know which superannuation providers you are interested in, you can go directly to their websites and check their MySuper dashboard.

The ATO’s comparison tool allows you to search and compare MySuper funds. You can search under type of fund, ranked by fees or returns.

When you compare MySuper funds, make sure you are checking like for like. For example, don’t compare the performance of a lifecycle fund with a single diversified investment fund. And when you check fees, drill down to see if services you need are covered.

List of all MySuper funds

Super fund	MySuper product name	Single strategy or Lifecycle	Proportion of total assets in MySuper	Member accounts
AustralianSuper	Balanced	Single strategy	57%	3,047,580
REST Super	Growth	Single strategy	79%	1,924,330
Hostplus	Balanced	Single strategy	59%	1,614,250
Australian Retirement Trust*	Lifecycle Investment Strategy	Lifecycle	27%	1,431,090
HESTA	Balanced Growth	Single strategy	69%	950,130
Aware Super	MySuper Lifecycle	Lifecycle	55%	897,740
Cbus Super	Growth	Single strategy	72%	777,510
CareSuper**	Balanced	Single strategy	64%	537,600
Australian Retirement Trust (QSuper)	Lifetime	Lifecycle	18%	522,440
Mercer Super	Mercer SmartPath	Lifecycle	48%	464,170
MLC Super	MLC MySuper	Lifecycle	38%	424,050
Unisuper	Balanced	Single strategy	21%	398,750
AMP Super	AMP MySuper Lifestages	Lifecycle	34%	362,090
ANZ Smart Choice Super	MySuper	Lifecycle	38%	309,770
Colonial First State	FirstChoice Lifestage	Lifecycle	12%	177,850
Public Sector Superannuation	MySuper Balanced	Single strategy	69%	146,810
Brighter Super	MySuper	Single strategy	44%	141,910
Prime Super	MySuper	Single strategy	74%	137,380
Team Super***	Lifecycle Investment Strategy	Lifecycle	54%	129,920
Essential Super	Lifestage	Lifecycle	88%	121,450
Australian Ethical	Balanced (Accumulation)	Single strategy	48%	106,890
equipsuper	MySuper	Single strategy	40%	101,070
NGS Super	NGS Diversified	Single strategy	58%	96,430
Guild Super	MySuper Lifestage	Lifecycle	79%	94,220
First Super	Balanced	Single strategy	82%	73,970
IOOF	IOOF MySuper	Single strategy	7%	68,810
BUSSQ	MySuper	Single strategy	64%	65,540
Australian Food Super	MySuper	Single strategy	81%	62,930
Vision Super	Vision MySuper	Single strategy	43%	61,170
ActiveSuper	Active Super Lifestage Product	Lifecycle	38%	57,840
TelstraSuper	TelstraSuper MySuper (Lifecycle)	Lifecycle	34%	54,780
Virgin Money Super	Lifestage Tracker	Lifecycle	1%	49,720
Russell Investments iQ Super	GoalTracker	Lifecycle	35%	47,110
smartMonday	smartMonday Lifecycle (MySuper)	Lifecycle	52%	42,940
Australian Defence Force Super	MySuper Balanced	Single strategy	75%	35,040
legalsuper	MySuper Balanced	Single strategy	47%	27,530
MLC Super	MLC MySuper (Lifecycle)	Single strategy	4%	23,290
Rei Super	Balanced	Single strategy	72%	20,610
MIESF	MIESF MySuper	Single strategy	86%	16,740
ANZ Staff	Balanced	Single strategy	41%	16,380
Bendigo Super	Bendigo MySuper	Lifecycle	34%	11,210
NESS Super	NESS MySuper	Single strategy	66%	11,120
Mercer Tailored Super	Mercer WGSP MySuper	Lifecycle	2%	9,600
Mercer Tailored Super	Mercer Tailored (CRG) MySuper	Lifecycle	2%	8,740
Vanguard Super	Lifecycle	Lifecycle	48%	8,510
Macquarie Group Super Plan	Macquarie Group Super Plan	Single strategy	1%	5,680
Lutheran Super Plan	Mercer Lutheran MySuper	Single strategy	0%	3,810
Superhero Super	MySuper Growth	Single strategy	3%	3,760
SignatureSuper	Water Corp MySuper	Lifecycle	1%	2,810
SignatureSuper	AFLPA AFL MySuper	Lifecycle	0%	2,340
Santos Superannuation plan	Mercer Santos MySuper	Lifecycle	0%	1,340

Source: APRA

*includes merged Qantas Super members

**includes merged Spirit Super members

***includes merged TWUSUPER members