Six super products had significantly poor performances in 2022 in relation to the benchmark, according to APRA’s annual MySuper heatmap.
Many also failed the performance test earlier this year.
They are: EISS Super’s MySuper option, Colonial First State FirstChoice Employer Super, BT Super MySuper, Westpac Group Plan MySuper, Commonwealth Essential Super and AMG MySuper received a significantly poor performance rating.
Other poor performing products identified were: ANZ Smart Choice Super, Australian Catholic Superannuation and Retirement Fund LifetimeOne, AvSuper Growth, Mine Superannuation Default Lifecyle, Guild Retirement Fund MySuper, Bendigo MySuper, Russell Investments Master Trust GoalTracker, Mercer Super Trust Virgin Money MySuper, Mercer Super Trust Santos MySuper.
APRA said that compared with 2021, there were 350,000 fewer members in MySuper products with “significantly poor” investment performance.
However, about 800,000 member accounts remain in underperforming products.
APRA deputy chair Margaret Cole said: “Since 2019, APRA’s MySuper heatmap has been an important tool for eradicating unacceptable product performance, improving transparency across the superannuation industry and holding trustees to account for the outcomes being delivered to members.
“Since its introduction, we have seen costs to members reduced, many underperforming products closed, and a drop in the number of members in funds with significantly poor investment performance.
“However, there are still hundreds of thousands of members in funds with sub-par investment performance, and the industry has serious sustainability issues to address.”
Have you checked whether your super fund is on the APRA list? Are you happy with the fees you’re being charged?
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