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Underperforming superannuation funds named as 97 products fail APRA test

Underperforming superannuation funds named as 97 products fail APRA test

Almost 100 superannuation funds have failed a performance test set by Australia’s industry regulator and which assesses earnings and fees.

Members of 96 trustee-directed superannuation products will be contacted in coming weeks after their funds fell short in the expanded Your Future, Your Super performance test imposed by the Australian Prudential Regulation Authority (APRA).

The annual test assesses the long-term performance of superannuation funds against tailored earnings and fees benchmarks in a bid to improve member outcomes and enhance transparency.

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This year’s test was expanded to evaluate the performance of 805 trustee-directed products, a subset of the choice sector.

Choice super funds are non-default products chosen by the employee rather than funds nominated by the employer, which are known as MySuper products.

The amount of super you’ll need saved to retire comfortably

Of the trustee-directed products that failed to meet test benchmarks, 75 per cent are concentrated in products offered by just four trustees: NM Superannuation Proprietary Limited, Nulis Nominees (Australia), Oasis Fund Management Limited, and OnePath Custodians.

Other names that failed include products from OneSuper, Australian Retirement Trust and The Bendigo Superannuation Plan, owned by the Bendigo and Adelaide Bank.

AMG Super’s AMG MySuper was the only MySuper product, out of 64, that failed to meet the test benchmarks — a decrease from five failed products last year and 13 in 2021.

Funds that failed the test by underperforming must notify their current members of their outcomes by September 28.

Any product that fails two years in a row must stop accepting new members and then close if it fails again the following year.

APRA deputy chair Margaret Cole said the expanded scope of the test to include trustee-directed products had significantly enhanced transparency across super investment options.

“The annual performance test remains a powerful tool to help APRA hold trustees to account for product performance, fees and costs,” she said.

“Since its introduction in 2021, nine underperforming MySuper products have exited the market and a total of 800,000 members, with combined assets of $39 billion, have moved to better performing products.”

Cole said some trustees with multiple failed products have rationalisation programs under way to boost member outcomes.

“APRA expects heightened focus on these underperforming products and will be monitoring the progress of product consolidation programs closely,” she said.

Failed MySuper funds

Failed trustee-directed products

Australian Meat Industry Superannuation Trust: High-Growth Super OptionAustralian Retirement Trust: QSuper Socially ResponsibleCitibank Australia Staff Superannuation Fund: Bonds PlusClearView Retirement Plan: PS Active Dynamic 50, IPS Active Dynamic 70 and IPS Active Dynamic 90Crescent Wealth Superannuation Fund: Super Balanced, Super Conservative and Super GrowthOneSuper: AusPrac High Growth Option, Growth Option, High Growth Option, Moderate Option and SS High Growth OptionRetirement Portfolio Service: MoneyForLife Index Balanced, MoneyForLife Index Conservative and OnePath Managed GrowthSmart Future Trust: smartMonday High Growth – Active and smartMonday Moderate – IndexAvWrap Retirement Service: MLC0398AUIOOF Portfolio Service Superannuation Fund: MLC WS Horizon 4 Balanced Portfolio, OnePath Tax Effective WS Income Trust, OnePath W’sale Balanced Trust and OptiMix WS Balanced Trust – Class AOthers include MLC Superannuation Fund, Oasis Superannuation Master Trust and The Bendigo Superannuation Plan products. View the full list here.

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