Savers get a boost from low-cost super package

The superannuation industry has lent its backing to the federal government's new "low-cost, no-frills" MySuper scheme for workers.

However, according to the Herald Sun, the Financial Services Council is keen to see a major package of administrative reforms to the $1.3 trillion super industry brought in well before the current target date.

The government's aim with MySuper is to cut high fees on superannuation savings and particularly those held in retail funds.

Under the scheme, which is expected to begin before the next federal election in 2013, all super funds will be required to offer MySuper as a default, low-cost option to workers.

Aussies aiming to grow their long-term funds and avoid high fees could also choose to compare term deposits in search of the best options.

Commenting on the MySuper plan, the Herald Sun said: "The government has accepted most of the recommendations of its expert Jeremy Cooper, who designed the MySuper concept as an easy option for workers who pay little attention to their super and may find themselves in high-fee retail schemes or industry funds."

This article is brought to you by Mozo – Helping you compare term depositsADNFCR-1761-ID-800299436-ADNFCR