16 Sep 2014 | Superannuation
These accounts are offered by both industry and commercial superannuation funds. They are more like deciding to take public transport, such as a bus, rather than owning your own car.
They will be very cheap from an administration point of view. They don’t have many options or features, you will not be doing any driving and in most cases not even be aware of the make or model of the bus your on. They are inexpensive to maintain and will get you to your destination.
As MySuper accounts will be offered widely, and because each provider of a MySuper account must clearly detail all of the costs and performance of the member’s account, it should be relatively easy to determine which MySuper account is best for you. This will most likely be the best vehicle for someone who is just starting their superannuation journey.