From 1 January 2014, employer superannuation default funds must be MySuper compliant. MySuper accounts are no-frills accounts with a simple set of product features including low fees, and a single diversified investment option.

Default funds are funds that employers nominate and pay superannuation contributions into, in the event that an employee does not nominate a fund of their own. Therefore if any of your employees do not nominate a superannuation fund for you to contribute super to, you must contribute to a MySuper product on their behalf instead.

If you are an employer, check that the default fund you are currently using provides a MySuper product, or plans to do so by the New Year deadline. If not, you will need to choose a new default fund which is MySuper compliant by 1 January 2014.