MySuper is an Australian Government super reform designed to allow super funds to provide a ‘simple super’ product to members. You are classified as an APSS MySuper member if your Spouse Account is invested 100% in the Market Return option from 26 June to 30 June, and/or in the Balanced option from 1 July 2017. Being a MySuper member does not fundamentally change the way your super investment in the APSS works. It just means we must, by law, disclose things to you in a specific, prescribed way – for example, giving you access to the MySuper dashboard, and you must automatically receive a minimum level of insurance (which you can opt out of or increase if you wish).
You are a spouse member of the APSS if your employee member partner has opened a Member Savings account in your name. This is called an APSS ‘Spouse Account.’
Why would an employee member bring their spouse into the APSS? It might be to help ensure their spouse’s super savings don’t fall behind; for example, if the spouse is out of the workforce for a time. There’s a tax offset opportunity for employee members (see the ATO website), and there may be tax advantages for a couple.
Of course, spouse members can contribute too, and have access to the same APSS investment options.
Some spouses (generally those aged 20 to 64 and Australian residents) also have an automatic base level of insurance cover in case they die, suffer total & permanent disablement (TPD) or become terminally ill. There are no medical checks or paperwork to complete. However, a weekly insurance premium applies.
A spouse member must be a person:
You can no longer be a spouse member:
Contributions to a Spouse Account can include: