To make it easier for Australians to compare superannuation funds, CANSTAR has released star ratings. The superannuation star ratings comparison is a quick and simple way to compare some of the best superannuation funds for your profile. Whether you’re new to the workforce or a retiree, there will be a super star ratings profile to fit your situation.
For many Australians, superannuation is their largest single investment asset. It is vitally important to a large percentage of the population yet, unfortunately, many of us know very little about our holdings.
There are over 350 superannuation funds in the Australian market so how do you know what’s best for you? For the first time, we have undertaken extensive research and analysis to rate superannuation products, according to our consumer-friendly star ratings methodology. This looks at a balance of pricing and features of a product that are important to you.
CANSTAR compared 82 super funds. Our number one criterion was to compare only those funds which any one of us could join. That meant we did not rate corporate funds, as well as restricted industry and employer funds. If you could only become a member of a fund by working at a certain place, we deemed that fund restrictive. Instead, we concentrated on industry funds that anyone can join and retail funds that you can join without the stipulation of going through a financial advisor. That way, we ensured we were comparing apples with apples.
We strongly believe the value of a superannuation product depends largely on how the consumer uses it and that’s what makes our comparison different – it guides you through the steps to the superannuation products that may suit your individual needs at different stages of your life. To do this, CANSTAR first up compares superannuation products according to different lifestyle profiles.
The star ratings for superannuation use the following profiles to help determine some of the best super funds available in Australia for your situation:
New to work, early working years
Low super balance, not concerned about too many investment options, low fees are important
Building wealth, building for future
Start to have a decent super amount, with priority on non-super investment. Minimum contribution to super and looking for long term growth
More money to play with, peak earnings period
Have accumulated significant amount of super and looking for more advanced options to accelerate growth
Large balance with conservative approach towards retirement investment