What are Australia’s largest super funds?
If you’re looking to join a super fund you might want to know who are the top funds by size. Canstar reveals the 10 largest Australian super funds by both membership size and assets under management.
Key points:
- The Australian super industry has about $3.4 trillion in assets under management.
- About a third of that – $1.2 trillion – is managed by the top 10 super funds ranked by funds under management.
- More than 14 million member accounts are managed by the top 10 super funds ranked by membership.
Australia’s superannuation system is one of the world’s largest pension schemes, according to the Thinking Ahead Institute’s latest Global Pension Assets Study.
The super industry now has almost $3.4 trillion in assets under management as of December 2022, according to figures from the Australian Prudential Regulation Authority (APRA).
About a quarter of that is down to the many small self-managed super funds in Australia, but the majority of the money is managed by more than a hundred different industry, retail, corporate and public sector super funds.
So which super funds are the biggest?
The rankings below are based on the APRA’s Annual Fund-level Superannuation Statistics, released in December 2022. We’ve looked at only those super funds open for anyone to join
10 largest super funds – by members
Below are the 10 super funds with the most members based on APRA’s data. It’s worth noting that a single member can have accounts with multiple different super funds.
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Rank | Super fund | Total number of member accounts |
---|---|---|
1 | AustralianSuper | 2,876,270 |
2 | Australian Retirement Trust | 2,216,337 |
3 | Retail Employees Superannuation Trust | 1,923,357 |
4 | HOSTPLUS Superannuation Fund | 1,596,951 |
5 | Aware Super | 1,154,674 |
6 | HESTA | 968,215 |
7 | MLC Super Fund | 925,423 |
8 | Cbus | 870,111 |
9 | Retirement Wrap | 782,187 |
10 | AMP Super Fund | 743,911 |
Source: www.canstar.com.au - 6/04/2023. Based on public offer superannuation funds in APRA Annual Fund-Level Superannuation Statistics to June 2022, released in December 2022).
In total, these 10 super funds had more than 14 million member accounts. So which super funds hold the most assets?
10 largest super funds – by assets
The table below shows the 10 super funds with the highest total value of assets under management. That is, the value of the investments that a super fund manages on behalf of its members.
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Rank | Super fund | Total assets ($ billions) |
---|---|---|
1 | AustralianSuper | $271.75b |
2 | Australian Retirement Trust | $247.36b |
3 | Aware Super | $150.70b |
4 | Unisuper | $103.42b |
5 | Colonial First State FirstChoice Superannuation Trust | $82.99b |
6 | HOSTPLUS Superannuation Fund | $82.54b |
7 | Retirement Wrap | $81.88b |
8 | MLC Super Fund | $77.65b |
9 | Cbus | $72.55b |
10 | HESTA | $67.38b |
Source: www.canstar.com.au - 6/04/2023. Based on public offer superannuation funds in APRA Annual Fund-Level Superannuation Statistics to June 2022, released in December 2022.
These top 10 super funds account for more than $1.238 trillion in assets under management that’s about a third of the total of all funds under management in Australia.
Size isn't everything when it comes to super funds
A super fund with more members or more assets under management isn’t necessarily a ‘better’ fund. When you are choosing a super fund, you should also carefully consider factors such as:
- Investment performance: it could be a good idea to consider a fund’s long-term track record of performance and whether it has a history of delivering high returns. But remember, investments can go up and down over time, so past performance should not be relied upon to judge a fund’s future performance.
- Fees: high fees can eat away at your retirement balance. You might want to compare the super fees that a fund charges with other funds to understand whether you may be paying more than you need to.
- Investment options: try to find a super fund that offers investment options suited to your personal circumstances and risk appetite.
- Insurance: if you’d like to take out life insurance through your super, look for a fund that offers cover that suits your needs and check out the premiums charged.
You can compare a range of super funds with Canstar. You might also like to see our latest Superannuation Star Ratings to see which products received 5 Stars.
Compare Superannuation with Canstar
The table below displays some of the superannuation funds currently available on Canstar’s database for Australians aged 30 to 39 with a super balance of up to $55,000. The results shown are sorted by Star Rating (highest to lowest) and then by 5 year return (highest to lowest). Performance figures shown reflect net investment performance, i.e. net of investment tax, investment management fees and the applicable administration fees based on an account balance of $50,000. To learn more about performance information, click here. Consider the Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the TMD. Use Canstar’s superannuation comparison selector to view a wider range of super funds. Canstar may earn a fee for referrals.
- Performance, fee and other information displayed in the table has been updated from time to time since the rating date and may not reflect the products as rated.
- The performance and fee information shown in the table is for the investment option used by Canstar in rating of the superannuation product.
- Performance information shown is for the historical periods up to 31/01/2024 and investment options noted in the table information.
- Performance figures shown reflect net investment performance, i.e. net of investment tax, investment management fees and the applicable administration fees based on an account balance of $50,000. To learn more about performance information, click here.
- Performance data may not be available for some products. This is indicated in the tables by a note referring the user to the product provider, or by no performance information being shown.
- Please note that all information about performance returns is historical. Past performance should not be relied upon as an indicator of future performance; unit prices and the value of your investment may fall as well as rise.
- Any advice on this page is general and has not taken into account your objectives, financial situation or needs. Consider whether this general financial advice is right for your personal circumstances. You may need financial advice from a qualified adviser. Canstar is not providing a recommendation for your individual circumstances. See our Detailed Disclosure.
- Not all superannuation funds in the market are listed, and the list above may not include all features relevant to you. Canstar is not providing a recommendation for your individual circumstances.
- Canstar may earn a fee for referrals from its website tables, and from Sponsorship or Promotion of certain products. Fees payable by product providers for referrals and Sponsorship or Promotion may vary between providers, website position, and revenue model. Sponsorship or Promotion fees may be higher than referral fees. Sponsored or Promotion products are clearly disclosed as such on website pages. They may appear in a number of areas of the website such as in comparison tables, on hub pages and in articles. Sponsored or Promotion products may be displayed in a fixed position in a table, regardless of the product’s rating, price or other attributes. The table position of a Sponsored or Promoted product does not indicate any ranking or rating by Canstar. For more information please see How We Get Paid.
- Click here for additional important notes and liability disclaimer.
Performance and Investment Allocation Differences
- Fee, performance and asset allocation information shown in the table above have been determined according to the investment profile in the Canstar Superannuation Star Ratings methodology.
- Some providers use different age groups for their investment profiles which may result in you being offered or being eligible for a different product to what is displayed in the table. See here for more details.
- Australian Retirement Trust Super Savings’ allocation of funds for investors aged 55-99 differ from Canstar’s methodology – see details here.
- The Australian Retirement Trust Super Savings (formerly Sunsuper for Life) product may appear in the table multiple times. While you will not be offered any single investment option, this is to take into account the different combinations of investment options Australian Retirement Trust may apply to your account based on your age. For more detail in relation to the Australian Retirement Trust (formerly SunSuper for Life) product please refer to the PDS issued by Australian Retirement Trust for this product.
- Investment profiles applied initially may change over time in line with an investor’s age. See the provider’s Product Disclosure Statement and TMD and in particular applicable age groups for more information about how providers determine their investment profiles.
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This article was reviewed by our Deputy Editor, Canstar Amanda Horswill before it was updated, as part of our fact-checking process.
Michael is an award-winning journalist with more than three decades of experience. As a senior finance journalist at Canstar, Michael's written more than 100 articles covering superannuation, savings, wealth, life insurance and home loans. His work's been referenced by a number of other finance publications, including Yahoo Finance and The Motley Fool.
Michael's worked as a reporter and producer for the BBC and ABC, including for Australian Story. He's also worked as a feature writer for The Courier-Mail and as a science and technology editor and commissioning editor at The Conversation.
Michael's professional awards include a Queensland Media Award and a highly commended in the Walkleys. In 2021 he was part of a team that was a finalist in the Australian Museum Eureka Prize for Science Journalism. He holds a Bachelor of Science in mathematics and applied physics (Manchester Metropolitan University) and a Masters of Science in pure mathematics (Liverpool University).
You can connect with Michael on LinkedIn.
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