Is MySuper worth it?

Workplace Super Specialists Australia (WSSA) has raised the question of whether MySuper has actually benefitted members as there have been huge costs associated in the compulsory transfer.

During the second half of 2016, superannuation members who have not made an investment choice within their employer fund will be transferred to MySuper, prior to the 1 July 2017 deadline.

WSSA chief executive, Douglas Latto, said there had been considerable costs to the funds in the transfer and the costs had mostly been passed onto members through a levy.

"Both funds and members need to review whether MySuper has indeed been the solution they were looking for," Latto said.

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"We need to consider MySuper in terms of what advantage these investment approaches give to members and indeed, whether they are good for them."

Latto also noted that though adviser commissions had been removed on death and disability insurance cover, it did not always lead to a decrease in premium rates.

"Are the providers really passing this saving on to members?" he said.