Best performing retail super funds
The table below shows a selection of superannuation policies from our Online Partners that are retail super funds, 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, which impact the results displayed in the table - filters can be applied or removed at any time.
What is a retail super fund?
A retail super fund is typically run by a bank, an investment company or financial institution that generally aims to make a profit, some of which may be paid in dividends to shareholders. That’s a bit different to many industry and public sector super funds, where any profits are typically put back into the fund to benefit members.
As of March 2025, retail funds held around $798 billion in assets, according to the Australian Prudential Regulation Authority (APRA).
That’s about 19.3% of the total $4.1 trillion in APRA-regulated super funds. In terms of popularity, industry super funds account for around 58% of all super accounts (14.4 million out of 24.9 million), while retail funds sit at about 24% (6 million accounts).
According to APRA, at the end of 2024, two of the top ten largest super funds in Australia (based on member accounts) were retail funds: Mercer Super Trust with 1,011,900 members, and MLC Super Fund with 801,320 members. By comparison, the top industry fund at the time was AustralianSuper with 3,496,160 members.
If you’re considering joining a retail super fund, take a look at what options are available to you.When considering any industry super fund, consider seeking some independent financial advice and read carefully any Product Disclosure Statement (PDS) and Target Market Determination (TMD) documents.
How does retail super work?
A retail super fund works similarly to how most other superannuation in Australia works. Superannuation is a way to save money during your working life to use when you retire. The aim is to provide you with an income in retirement that substitutes or supplements the Australian Age Pension.
If you’re employed and meet the eligibility requirements to receive the compulsory Superannuation Guarantee then your employer must pay a set percentage of your ordinary time earnings into your super fund, which may be a retail super fund.
If you meet the requirements, you must be paid super whether you work casually, part-time, full-time or as a contractor, and even if you are a temporary resident.
Money held in your super account is invested in a range of assets by your fund, often based on your own lifestage. Most funds give members the option of choosing how their savings are invested, so it could be helpful to learn more about your super investment options.
You generally can’t access the money in your super account until you reach the conditions of release, which is typically when you’ve reached the age you can retire.
How to find the best performing retail super funds
When comparing retail super funds, you need to look at several factors, as you would when considering any type of super product.
Retail funds are usually accumulation funds which means you and your employer (unless you’re self-employed) can add contributions to the pot which hopefully grows over time, based on how the money is invested and what fees are charged.
You need to look at what investment options a retail fund may offer, such as growth, balanced, conservative, a default MySuper and any ethical option. You may want to have the option to select a mix of options and change them over time as you get closer to retirement.
You need to look at what fees are charged for particular services and how often they are charged. Just a small change in the fees charged can make a big difference to your retirement pot.
Next you need to consider how a particular retail fund has performed over time, but remember that past performance is no guarantee on future performance.
Canstar comparison tables can help you compare a wide variety of retail super options and other alternatives side by side. You can use filters to help narrow down your search to only those that may best suit your needs.
Frequently Asked Questions about retail super funds
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About our finance experts
Mark Bristow, Senior Finance Content Producer

Joshua Sale, GM, Research

As Canstar’s Group Manager, Research, Ratings & Product Data, 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 X and Facebook.
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.