Only one in six Australians are familiar with the term “MySuper” despite the new cost-effective retirement product being just months away from introduction.
The latest Mercer Superannuation Sentiment Index quizzed 1000 working Australians aged 25-65 and found just 17 per cent of respondents had heard of MySuper.
The Government introduced changes that will force super funds to offer MySuper products from July 1 to help simplify super arrangements.
MySuper products must have a basic set of features regardless of who provides them to make it easier for Australians to compare retirement savings products.
The Mercer report says awareness of MySuper “remains relatively weak”.
“As awareness of MySuper increases it is important for super funds to ensure working Australians are informed of any impact the new initiative may have on their super and fund benefits,” it says.