Satisfaction with super funds is at near record highs, which is hardly surprising given the record returns many funds delivered last financial year.
However, what is surprising is that the latest results suggest that members consider more than the financial results of a fund when they assess their satisfaction.
Roy Morgan regularly produces its Superannuation Satisfaction Report, with the latest figures showing that satisfaction across the board had increased 8.6 per cent from a year ago, in June 2020. It also revealed a new super fund at the top of the satisfaction tree.
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HESTA, the industry super fund for people working in health and community services, had the highest customer satisfaction of any industry or retail fund, knocking off UniSuper, which had the highest satisfaction rating back in April.
HESTA finished with a satisfaction rating of 72.3 per cent, finishing ahead of Cbus, UniSuper and AustralianSuper in the rankings.
Roy Morgan chief executive Michele Levine said HESTA’s focus on environmental and social issues was a key reason behind the fund’s high satisfaction ratings.
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“HESTA CEO Debby Blakey has provided strong and capable leadership of the fund throughout the pandemic and has emerged as one of the leading figures in the superannuation industry,” Ms Levine said.
“Blakey has been a powerful advocate for environmental, social and governance issues (ESG), and credits this focus for driving HESTA’s impressive performance.
“Blakey’s leadership was recognised last week when she was appointed to be the new president of the Australian Council of Superannuation Investors (ACSI) and stated that ‘Managing ESG issues helps protect the retirement savings of super fund members into the future. Investors and companies must work together to tackle significant long-term investment risks including climate change, corporate governance, and gender diversity’.”
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HESTA’s chief experience officer, Lisa Samuels, said the fund had struck a balance between investment performance and having a positive social impact.
“Our focus on putting members first in everything we do sees us continually look to improve the experience our members have with us and drives innovation in how we support members to have a better financial future,” Ms Samuels said.
“Our members consistently tell us that they want us to be a gutsy advocate on the issues that impact them and their financial futures,” she said.
“We know issues like gender discrimination and climate change are risks that can affect the long-term performance of companies our members are invested in. That’s why our focus on global leadership in responsible investment sees us continue to find new ways to deliver strong, sustainable investment performance for members.”
When it came to comparing satisfaction across various fund types, self-managed super funds (SMSFs) came out on top with a satisfaction rating of 80.6 per cent (10.7 percentage points higher than they were a year ago).
Public sector super funds were the next best, with a satisfaction rating of 79.7 per cent, ahead of industry super funds (72.3 per cent) and retail funds (67.8 per cent).
The highest placed retail super fund was OnePath followed by Colonial First State, MLC, ASGARD, BT, Mercer and Suncorp.
How satisfied are you with your super fund? Do you only care about your fund’s performance or is it also important that your fund is making a positive impact on society? Why not share your thoughts in the comments section below?
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