The best and worst super funds: APRA
APRA's MySuper heat map, released yesterday, has highlighted the best and worst super funds. People with less than $10,000 in their superannuation accounts are losing as much as 4.4 percent of their savings to annual fees charged by fund administrators, new data from the prudential regulator shows.
The heat map also shows the large lead the large industry super funds have over their retail counterparts when it comes to outcomes.
AMIST, Energy Super, First State Super, HESTA, Media Super, MTAA Super, Super, Sunsuper, Equipsuper, UniSuper, Cbus and Vision Super were given strong ratings across all rating categories.
But the nation's largest fund, the $167 billion AustralianSuper copped a red mark, given its administration fees it charges to members with account balances of $10,000 or less.
Well ranked corporate superannuation products included Brookfield Australia MySuper, Macquarie Group MySuper and Woolworths Group MySuper.
The benchmarks judged investment performance, fees and costs and the sustainability of member outcomes.
The heatmap - which is colour coded so that red denotes lower performance and higher fees - provides an assessment of MySuper products, which are meant to be low cost and simple superannuation options.
Among the worst performers were BEST Superannuation at 3.79 per cent, First Super at 1.78 per cent, the Pitcher Retirement Plan at 1.73 per cent, IAG and NRMA at 1.59 per cent and the AMP Retirement Trust at 1.54 per cent.
Among the worst performers on five-year net investment returns per annum, were Pitcher Retirement at 5.85 per cent, Energy Industries Super with 6.19 per cent and Maritime Super at 6.23 per cent.
Two products offered by Mine Super, a fund run for miners by unions and employers, were among the worst performance.
The Financial Services Council warned that the MySuper heatmap should not be used to rank superannuation products.
