Each year CANSTAR researches and rates superannuation products that are directly available for individuals to purchase without an intermediary (e.g. a financial planner). In 2016 CANSTAR has looked in detail at the features and pricing of 68 superannuation schemes offered by 60 providers, both industry and retail funds, to determine the value they provide to Australian workers at various stages of their life.
The life stages CANSTAR assesses for are:
|Starter (Low balance, starting out in the workforce)|
|Builder (Reasonable balance with focus on long-term growth)|
|Established (Larger balance, with focus on long-term growth)|
|Pre-Retiree (Significant balance and focus on reaching retirement objectives)|
|Wealth Accumulator (Substantial balance, with focus on investment growth)|
For a product to be considered in CANSTAR’s rating, it must meet the following requirements:
- Retail or Industry open public offer (i.e. corporate products and products closed to new members are excluded)
- Directly available to individuals without an intermediary such as a financial planner
- Not a wrap-only product. Wrap platforms are typically only accessed via a broker and can have wrap-specific fees in addition to those associated with the super product itself
- Not restricted solely to members of a specific organisation, i.e. available publicly to the average person
- Has been available in the market for at least 12 months
- Minimum funds under management of the provider is $100 million (superannuation and pension combined)
Which superannuation funds offer outstanding value?
CANSTAR is pleased to congratulate the following superannuation funds on winning a CANSTAR 5 star rating for Outstanding Value.
The winners of the Superannuation Star Ratings are:
|Builder||Bendigo SmartStart Super|
|Established||Bendigo SmartStart Super|
|Pre-Retiree||Bendigo SmartStart Super|
|Wealth Accumulator||ING DIRECT – Living Super|
In the market for a super fund? Check out our comparison table below, featuring a snapshot of the current market offerings with links direct to the providers website. This table has been sorted by our star ratings (highest to lowest). Please note that this comparison table is based on the policy holder falling between 30 and 39 years of age, with a super balance of up to $55,000.