Best performing retail super funds
The table below shows a selection of superannuation policies from retail super funds on Canstar’s database, sorted first by five-year return.
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The initial results in the table above are sorted by 5 year return (High-Low) , then Star Rating (High-Low) , then Provider Name (Alphabetical) . Additional filters may have been applied, see top of table for details.
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What is a retail super fund?
A retail super fund is typically run by a bank, an investment company or some other financial institution that generally aims to make a profit, some of which may be paid in dividends to shareholders. That’s different to many industry and public sector super funds where any profits go back to the fund.
Retail funds accounted for about $633 billion in assets in the September 2022 quarter, according to figures from the Australian Prudential Regulation Authority (APRA). That’s about 28.1% of the total $2.3 trillion in APRA-regulated super funds.
They’ve delivered an annual rate of return that’s fairly close to the average of all regulated super funds over the past few years.
The Association of Superannuation Funds of Australia says industry super funds are the second most popular single sector in superannuation with 6.6 million accounts, that’s about 28% of a total 23.3 million accounts in June 2022. The top spot is taken by industry super funds with about 12.4 million (53%) accounts.
According to APRA, the top five retail super funds when it comes to membership at June 2022 were:
- AMP Super (1,060,279 members)
- MLC Super (1,019,483)
- BT Super (876,902)
- Colonial First State (850,494)
- One Path Superannuation (719,569)
By comparison the top industry fund at the time was AustralianSuper with 2,876,270 members.
If you’re considering joining a retail super fund then you might want to look at what options are available to you.
Before making any decision about joining any retail super fund you might want to consider seeking some independent financial advice. When considering any industry super fund, read carefully any Product Disclosure Statement (PDS) and Target Market Determination (TMD) documents.
Frequently Asked Questions about retail super funds
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About our finance experts
Michael Lund, Former Senior Finance Journalist
Joshua Sale, Group Manager, Research & Ratings
As Canstar’s Ratings Manager, Josh Sale is responsible for the methodology and delivery of Canstar’s Superannuation Star Ratings and Awards. With tertiary qualifications in economics and finance, Josh has worked behind the scenes for the last five years to develop Star Ratings and Awards that help connect consumers with the right super fund for them.
He believes that for many Australians, superannuation is arguably the most important financial product they will ever have, as the fees you’re paying and your fund’s performance could be the difference between a comfortable retirement and struggling to pay the bills.
When it comes to his own super, the phrase ‘set and forget’ is not in Josh’s vocabulary. Not only does he check his super balance monthly, he maintains spreadsheets with projections to ensure he’s on track for retirement. He is passionate about helping others to actively monitor their super and make sure they are on track for the best retirement possible.
As one of Canstar’s spokespeople, Josh has been interviewed on a wide range of personal finance topics by media outlets such as the Australian Financial Review, news.com.au and Money Magazine.
You can follow Josh on LinkedIn, and Canstar on Twitter and Facebook.
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Important information
For those that love the detail
This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.