Top 5-Star Rated Account-Based Pensions In 2017

Canstar has revealed the latest Account-Based Pension Star Ratings research, rating 64 products from 57 pension providers.

Canstar is pleased to unveil the latest batch of Account-Based Pension Star Ratings. Out of the 64 different account-based pensions rated, 10 products achieved a 5-star-rating for at least one retiree profile.

The Canstar Account-Based Pension Star Ratings takes into account both the cost and features of products to help consumers compare. Canstar even goes as far as to ask each fund more than 100 questions regarding their product, for instance asking about:

  • Available investment options
  • Income payment options
  • Financial advice availability
  • Beneficiary options
  • Cost involved (fees)

Find out more about what Canstar looks for in an account-based pension, and trends in terms of what other retirees are looking for based on our database.

Different profiles for account-based pensions

Since Canstar understands that retirement needs and financial strategies will vary from person to person depending on their financial position, three different investor profiles are used in rating account-based pensions:

  1. Low Balance:  $100,000 average balance
  2. Medium Balance:  $400,000 average balance
  3. High Balance:  $700,000 average balance

Outstanding value 5-star rated account-based pensions

Every year, Canstar assesses account-based pension products, considering the fees and costs a consumer will pay and what they get in return. Our 5-star winners are a shortlist of products that we assess as providing outstanding value for money relative to other products on the market.

Features we assess include the range of managed funds and other investments members may be provided access to, the financial advice and education made available, ability for members to open an account and make changes online or over the phone, and options in terms of income payments and nominating a beneficiary.

The outstanding value 5-star rated account-based pensions for each of our investor profiles are listed below.

1. Low balance investors

Company Product
ANZ ANZ Smart Choice Pension
Australian Meat Industry Super AMIST Pension
BUSS Queensland BUSSQ Pension Choice
Club Plus Superannuation Club Plus Pension
ING DIRECT ING Direct Living Super Pension
Local Government Super LGS Account-Based Pension Plan
Source: www.canstar.com.au as of 24 April 2017.

2. Medium balance investors

Company Product
AMP Superannuation Limited Flexible Super Retirement Account – Choice
ANZ ANZ Smart Choice Pension
Club Plus Superannuation Club Plus Pension
HESTA HESTA Income Stream
ING DIRECT ING Direct Living Super Pension
Local Government Super LGS Account-Based Pension Plan
Sunsuper Sunsuper for Life Income Account
Source: www.canstar.com.au as of 24 April 2017.

 

3. High balance investors

Company Product
AMP Superannuation Limited Flexible Super Retirement Account – Choice
ANZ ANZ Smart Choice Pension
Club Plus Superannuation Club Plus Pension
ING DIRECT ING Direct Living Super Pension
Media Super Media Super Pension
Sunsuper Sunsuper for Life Income Account
Source: www.canstar.com.au as of 24 April 2017.

 

If you’re looking for an account-based pension, the products listed above provide outstanding value for different types of retired investors. Read our detailed Account-Based Pension Star Ratings methodology to understand why a pension might win a 5-star rating for a particular customer profile.

Considering other account based pension options? Check out our comparison table below, displaying a snapshot of the current 5-Star Rated account based pensions. Please note that this table has been formulated based on balanced investment options and is sorted by provider name (alphabetical order).

Canstar compares account-based pensions based on a number of factors including available investment options, income payment options, and the cost involved with having an account-based pension. Compare account-based pensions using our website and filter your search to find a 5-Star Rated pension:

Discover more trends retirees need to know about when it comes to account-based pensions in 2017, with our latest star ratings report:

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