MySuper? What MySuper?
A new survey has revealed that a significant majority of Australians simply do not know about the centre-piece of the Federal Government's Stronger Super policy changes — MySuper.
The survey, conducted by Suncorp, has coincided with the rush by superannuation funds to get MySuper products approved by the Australian Prudential Regulation Authority (APRA) — but confirms that three-quarters of those surveyed simply do not know what MySuper is.
The survey, which covered a sample of more than 2000 respondents, asked whether they were aware of MySuper, with 75 per cent answering "no" while 12 per cent were unsure and only 13 per cent answered "yes".
Perhaps ironically, the survey also revealed that respondents would probably welcome a low cost super option if they were actually aware of it.
Asked whether "a low cost simple Super option will help make super easier to understand", 59 per cent of respondents answered "yes", 13 per cent answered "no" and the remainder of respondents were unsure.
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