This essay should consist two parts:
Part A: Analysis of superannuation funds
Part B: Analysis of investment options
Research Report Requirements
From the 1st of January 2014, employers are required to pay superannuation contributions for employees who have not selected a fund to one that offers a MySuper product. MySuper products should be simple and low cost, and offer either a single investment strategy or a lifecycle strategy. There are strict requirements of MySuper in terms of disclosure and these should make comparison of different funds easier. These funds are also limited to the types of fees they can charge with MySuper products, which ensures they remain low cost. MySuper products will also offer a default level of life and Total & Permanent Disability (TPD) insurance.
Emily is a twenty-three year old student, studying in her final year of a combined Bachelor of Arts/Environmental Science degree. For the past four years, she has worked in differentindustries and with different employers in a number of casual or part-time jobs while managing her uni study, as well as volunteering for Greenpeace. She recently started a new job waitressing at a café in Broadbeach and her employer has asked which superannuation fund she wants her super to be paid into. Emily isn’t sure, as she has several superannuation accounts in different funds. She has seen some advertisements for MySuper recently and wonders if that is something she should be considering.
Your task is firstly, to choose a superannuation fund from the list below that Emily should use and justify your choice. Secondly, determine if she would be better off using the MySuper product of that fund, or another investment option(s) that fund offers. When making your decision, you should give consideration to the following:
The differences between the funds in the list provided
Emily’s personal characteristics and preferences
The purpose of MySuper products
If the fund’s MySuper account meets the objective of MySuper
Is the MySuper account the best choice for Emily (why/why not)
What are the drawbacks of whichever investment option you propose.
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