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General Advice Warning Any advice in this publication is of a general nature only and has not been tailored to your personal circumstances. Please seek personal advice prior to acting on this information. Before making a decision to acquire a financial product, you should obtain and read the Product Disclosure Statement (PDS) relating to that product. The information in this document reflects our understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. Opinions constitute our judgement at the time of issue and are subject to change. Neither, the Licensee or any of the National Australia group of companies, nor their employees or directors give any warranty of accuracy, nor accept any responsibility for errors or omissions in this document. From time to time members of the National Australia group of companies, associated employees or agents may have an interest in or receive monetary or other benefits from the financial products and services mentioned in this document. The Licensee is associated with issuers of MLC Investments Ltd, MLC Ltd, Wealthhub Securities Limited, Jana Investment Advisers Pty Ltd, PFS Nominees Pty Ltd, MLC Nominees Pty Ltd, Navigator Australia Ltd, NULIS Nominees (Australia) Limited and National Australia Bank Ltd products and services. Ben Chosid and Legan Financial Services Pty Ltd are Authorised Representatives of GWM Adviser Services Limited ABN 96 002 071 749, trading as MLC Financial Planning an Australian Financial Services Licensee, Registered office at 105 –153 Miller St North Sydney NSW 2060 and a member of the National Australia group of companies. ”MySuper”? YOUR SUPER! What is “MySuper”? Designed to be the new super for those in the workforce who are ‘disengaged’ i.e. have made no choices or directions for their super New Default Investment Option (replaces current default) Likely to be a balanced strategy or ‘Life Stages’ investment strategy “MySuper”? YOUR SUPER! Who is affected? Who will be affected? Any member who has not made investment choice Any member who is 100% in current super fund default – whether by design or by default ”MySuper”? YOUR SUPER! Who is affected? Who will be exempted? Any member who has made investment choice Individuals with SMSFs These members will remain in their current investment strategy ”MySuper”? YOUR SUPER! The “MySuper” Timetable Stage 1 – contributions Super funds currently applying to APRA to obtain MySuper status They must have MySuper status to receive default SG contributions Super funds must offer MySuper between 1 July 2013 and 1 Jan 2014 Then all contributions for affected members will go to MySuper “MySuper”? YOUR SUPER! The “MySuper” Timetable Stage 2 – balance transfers For affected members, the balance in default investments will be transferred to MySuper before 1 July 2017 (likely to be earlier) Members who make (investment) choice prior to the transition date will not be transitioned “MySuper”? YOUR SUPER! What do you need to do? 2 options: (a) be part of MySuper (b) avoid MySuper (a) Who will be part of MySuper? Members who do not make investment choice before introduction These members will then have 2 investments Current super fund default MySuper ”MySuper”? YOUR SUPER! What do you need to do? (b) How to avoid MySuper Choosing your own super fund will not be enough You need to make an investment choice (anything not 100% in default will suffice) This choice needs to be made before your fund introduces MySuper ”MySuper”? YOUR SUPER! Where to from here? Contact Legan Financial Services (02) 9411 1933 [email protected] Suite 1003, Level 10 815 Pacific Highway Chatswood NSW 2067 “MySuper”? YOUR SUPER!