What is Stronger Super?

In 2012, the Government introduced the Stronger Super reforms to provide a better deal for the many Australians who choose not to take an active role in managing their super and to improve the efficiency and integrity of the super system. The reforms are intended to ensure that the super of all Australians is managed with efficiency and at minimal cost to members.


More efficient processing through SuperStream

SuperStream is a government reform aimed at improving the efficiency of the super system. The introduction of the new Superannuation Data and Payment Standards will make processing everyday super transactions easier, cheaper, faster and more efficient.

 

Over the next two years, all employers and super funds are required to transition to sending and receiving contributions electronically, in accordance with the Superannuation Data and Payment Standards.

 

BT will be assisting employers through the process, and employers can make contributions through QuickSuper that comply with Superannuation Data and Payment Standards.

 

The introduction of MySuper products

MySuper is a simple and cost-effective super product that provides Death and Total and Permanent Disablement (TPD) insurance to its members. MySuper products have a single investment strategy and a standard set of fees. Super funds can, however, offer discounted fees and tailored packages for certain employer types.

 

From 1 January 2014, employers must ensure that their default super fund offers a MySuper product. An employer’s default super fund is the fund to which the employer makes super contributions for employees who have not chosen their own super fund.


The implementation of the Stronger Super reforms has been phasing in gradually over the last few years, with MySuper products on offer since 1 July 2013. Here are recent and upcoming dates of which you need to be aware:

 

July 2014 – June 2015

SuperStream: By 30 June 2015, medium to large employers (those with 20 or more employees) must start to make super contributions in accordance with the new Superannuation Data and Payment Standards.

 

July 2015 – June 2016

SuperStream: By 30 June 2016, small employers (those with 19 or less employees) must start to make super contributions in accordance with the new Superannuation Data and Payment Standards. Small businesses may choose to transition to SuperStream earlier.

 

July 2017

Employees who had their super invested in their employer’s previous default option prior to 1 October 2013 may have their balance transferred to the MySuper investment option by 1 July 2017.