Superannuation regulator APRA has updated its MySuper Frequently Asked Questions guide to help super funds clarify how the new product class will operate.
The guide covers general operating practices, transition arrangements and investment strategy.
Some of the more notable advice it contains is that RSE licensees can offer more than one MySuper product provided they get approval, and a single super fund can offer several MySuper products each with different diversified strategies.
MySuper is yet to extend to the pension lifestage of a fund member but APRA noted "there is no legislative or regulatory barrier to a pension product having the same underlying investment strategy as a MySuper product".
Trustees will have four years to transition their insurance arrangements.
APRA noted that a fund member's accrued balance in their default investment option will be the balance that should be transferred into their MySuper account.
If this results in members having superannuation monies in both MySuper and 'choice' or non-MySuper accounts, APRA said the member only needs to receive a single account statement.
"A single account can cover both MySuper and choice interests, just as it can cover both defined benefit and defined contribution interests."
Fees charged to members of MySuper products must be the same regardless whether some members are in different lifecycle stages of a lifestage MySuper product.
APRA said superannuation entities can already submit draft MySuper authorisation applications or they can wait until September this year for when the official application process is finalised.