As part of the Your Future, Your Super reforms, the Tax Office has launched a YourSuper comparison site which shows 80 MySuper products and ranks them accordingly.

However, it should be noted the comparison site compares MySuper products, with members outside of this not captured in the rankings, with the full list set to become available from 1 July 2022.

According to the Treasury, the interactive online YourSuper comparison tool will help consumers compare the performance and fees of their MySuper products and make better informed decisions.

The comparison site shows the differences between the best products and the worst products, in terms of both fees and investment performance.

Namely, it reveals that the worst five funds all delivered returns of less than 5.5 per cent per annum over a six-year period. Conversely, the top five products for investment returns are all managed by industry funds, led by Australia’s largest fund AustralianSuper which returned 8.1 per cent to members.

Equaling top spot was Hostplus, which also returned 8.1 per cent.

Rounding out the top five based on six-year returns were Local Government Super, Construction and Building Union Super and QSuper.

On the other end of the scale, the likes of ASGARD Independence Plan, BT Super, AON Master Trust Westpac Group and Commonwealth Essential Super had the lowest returns.

However, it should be highlighted these are pure returns and do not take into calculation risk, insurance in the fund and other investment options.

When it came to fees, the likes of QSuper, Super Direction Fund, Bendigo Superannuation Plan, Uni Super and AMG Super are charging members the least per year.

While members of Mercer Super, Qantas Superannuation, MyLife My Money Superannuation, Public Sector Superannuation and Australian Defence Force Superannuation Scheme were paying the most in fees.

Commenting on the new tool, Superannuation Minister Jane Hume said the interactive site – which members will be able to access via their MyGov account – will “make the performance of default MySuper products clear and comparable”.

“These are funds that many thousands of Australians find themselves automatically signed up to, and now these funds will have to compete for the hard-earned retirement savings of Australians,” Senator Hume said.

The next phase in the government’s reforms will require superannuation products to meet an annual objective performance test.

Funds with products that fail the test will be required to inform members, while persistently underperforming products will be prevented from taking on new members. Members will be notified by 1 October 2021 if their product fails this test.