The {{ }} portfolio has fair and transparent fees to help you keep more money in your pocket. Some employers all but force you to go with the super fund favoured by the company – especially if you're a contractor – probably because it's easier for them admin-wise or the super fund incentivises them to sign up as many employees as possible. Copyright for this article belongs to SuperGuide Pty Ltd, and cannot be reproduced without express and specific consent. If you already had a default super account before 1 January 2014, your fund will have been required in most cases to move your money to a MySuper option by 1 July 2017. We look forward to helping you build a market beating stock portfolio. Data limitations preclude firm conclusions about the form of pass through of economies of scale, and thus how members are actually benefitting and whether they are benefitting in a form they value. Super fund performance has been on the way up since then, but it's worth checking your account regularly to make sure the fund managers are doing their jobs. Please untick this box when using a public or shared device. In an effort to the reduce the high fees and low transparency that had long characterised default super accounts, the government introduced the MySuper initiative in 2013. What you don't want to do is end up with little bits of money spread across multiple accounts, all of which will charge a variety of fees as well as, in many cases, premiums for risk packages that generally include life insurance, total and permanent disability (TPD), and income protection insurance, areas where premiums are on the rise. Scale benefits also manifest through increasing returns to scale. Brokerage costs are not included in this calculation. As a result, APRA has published its first ‘heatmap’ of fund performance and warned it’s prepared to put pressure on poor performers to merge or exit the industry. But at the very least you can take a look at how your fund is doing (if you have one) in comparison to other funds – or use the sites' rating systems to find consistently strong performers from site to site. What are the different types of super funds? Anywhere from 85% up to 100% is invested in shares and property, leaving account holders particularly vulnerable to sharp market fluctuations. Stronger net returns among larger not-for-profit funds might be due to higher exposure to unlisted asset classes, but data limitations rule out strong conclusions. Most MySuper accounts offer life-stage options which align portfolio allocation with your age and how close you are to retirement. If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions. Fees are calculated by Morningstar as the average over 10 years. Making sure you're not being overcharged can make a massive difference in your long-term financial health. The solution? There are a number of website-based firms that compare superannuation funds, but they all use slightly different methodologies and their findings shouldn't be taken as the final word. If you're in one of the latter it's probably good to stay put as these types of funds can have many advantages, not least a guaranteed amount of money once you become eligible for payouts.). diversifiedHeading : activeHeading }}, {{ i.stats.returns.adjReturn1Year | percentage:2:1:'N/A' }}, {{ i.stats.returns.adjReturn2Year | percentage:2:1:'N/A' }}, {{ i.stats.returns.adjReturn3Year | percentage:2:1:'N/A' }}, {{ i.returnInception != null ? Evidence of economies of scale is compelling – larger fund size is strongly associated with lower average costs in the Australian superannuation system… Significant unrealised economies of scale remain. Blind trust in your super fund manager is never a good financial strategy. If you're ethically minded, an ethical super fund can be a sound choice. Please contact Member Services on or 1300 880 160. Top 10 Super Funds. Learn more, Your email address will not be published. The longer your time horizon the better your portfolio is able to weather the short term ups and downs and reap the rewards of generally higher markets returns long term. If you are still having trouble viewing content after 10 minutes, try logging out of your account and logging back in. Colonial First State FirstChoice Superannuation Trust, Retail Employees Superannuation Trust (REST), Military Superannuation & Benefits Fund No 1, Health Employees Superannuation Trust Australia (HESTA), Construction & Building Unions Superannuation (CBUS), Wealth Personal Superannuation and Pension Fund (run by AMP), Retirement Portfolio Service (run by OnePath), IOOF Portfolio Service Superannuation Fund. Review the top performers in some of the key comparison metrics for superannuation funds. It's generally worth paying a little extra to have an actively managed account so your account manager can make any necessary adjustments along the way, but make sure you're not paying too much. Only one of the sites listed below, Chant West, rates performance before fees are deducted. Only funds with > three year returns were included in any fee comparison, and were compared to Morningstar's nominated benchmark. And, of course, performance is always heavily dependent on how the financial system is travelling as a whole, as many found out during the global financial crisis. Get access to independent expert commentary on the latest super, retirement and SMSF issues, including the top performing super and pension funds, how much super is enough, the latest super rates and thresholds, contributions caps, and new super measures and strategies.

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