Retirement
Australia’s top 5 super funds for most satisfied members
A new report has revealed that Australians are still fairly happy with their super funds, despite “unprecedented macro headwinds” – so which funds have the most satisfied members?
Australia’s top 5 super funds for most satisfied members
A new report from Investment Trends, the 2020 super fund Member Sentiment and Communications Report, takes a look at the attitudes of Australian super fund members and their satisfaction with their retirement savings service provider.
It’s a unique time to compile such a report, in the midst of a pandemic and after the mass sell-off that occurred across markets in February, March and April.
As a result, it should come as no surprise that Australian super fund members are slightly less satisfied with their super funds than they have been in previous years.
But it’s only a “marginal” decline, considering both the turmoil that’s been borne from the pandemic and recent legislative changes.
Across all super funds surveyed, a composite satisfaction score of 67 per cent was recorded – a drop of just 1 per cent from the last report’s 68 per cent composite score.
According to Investment Trends senior analyst King Loong Choi, “Super funds have done well to maintain member satisfaction levels despite unprecedented macro headwinds.”
He said, “At the industry level, the communications provided by super funds during the pandemic have been effective in lifting satisfaction ratings and reducing associated satisfaction gaps.”
But he did concede, “There is still room to improve the frequency and quality of communications outside of annual statements.”
So who are the top performers?
Here are the top five highest-rated super funds in Australia at this time, based on member satisfaction:
- ESSSuper
ESSSuper has held on to its number one ranking in 2020, with a satisfaction score of 82 per cent.
More than half of its members rated it as “very good”, while a further 37 per cent rated it as “good”.
- UniSuper
UniSuper has also held on to its ranking over the past 12 months, with four in five members indicating they are satisfied with the super fund’s service.
UniSuper saw 49 per cent of members rate the fund as “very good”, while 37 per cent of members classed it as “good”.
- Australian Catholic Super
Australian Catholic Super has overtaken fourth-placed Cbus for the third best ranking in this year’s report. It saw 40 per cent of members rate the fund as “very good”, while a further 44 per cent classed its services as “good”.
- Cbus
Relegated to fourth place in this year’s report, Cbus still saw some strong results, with 41 per cent of members rating the fund as “very good” – which actually rated it higher than Australian Catholic Super.
It was dragged down slightly by “good” responses, with 39 per cent of members classing the super fund in that way.
- QSuper
Rounding out the top five is QSuper, which saw 37 per cent of its members consider the fund as “very good”.
A further 46 per cent rated the fund as “good” – giving QSuper the greatest “good” rating across the top five funds.
RELATED ARTICLES
About the author
About the author
Superannuation
Election policies could reshape Australia's superannuation landscape, expert warns
Competing superannuation policies from Australia's major political parties could have significant implications for investors and retirees, according to a financial expert. ...Read more
Superannuation
Industry leaders weigh in on concessional super tax as Budget confirms $55bn investment
Changes to the taxation of superannuation earnings and contributions have drawn mixed responses from financial and payroll sector leaders, as the Federal Budget confirms over $55 billion in concession...Read more
Superannuation
Call for indexation on super tax cap as $3m threshold draws criticism
A senior executive in the superannuation technology sector has criticised the Federal Government for failing to index the proposed $3 million superannuation tax cap, arguing the measure will unfairly ...Read more
Superannuation
Rest members back calls for fairer superannuation rules ahead of Federal Budget
Rest has called on the Federal Government to implement superannuation reforms aimed at improving fairness across the system, after member survey results showed strong support for a range of proposed p...Read more
Superannuation
Rest welcomes progress on ‘Payday Super’ reform
Rest, one of Australia’s largest profit-to-member superannuation funds, has welcomed the Australian Government’s release of draft ‘Payday Super’ legislation, which aims to align Superannuation...Read more
Superannuation
SuperAPI and Humanforce partner to improve superannuation compliance for one million Australians
Superannuation engagement platform SuperAPI has partnered with human capital management provider Humanforce to streamline payroll and superannuation contributions for more than one million Australian ...Read more
Superannuation
Rest super fund reports 11.19 per cent return for 2024
Rest superannuation fund delivered an 11.19 per cent return in its MySuper Growth investment option for calendar year 2024, marking two consecutive years of positive returns. ...Read more
Superannuation
Actuaries propose three-tier superannuation tax reform
The Actuaries Institute has outlined major reforms to Australia's $4.1 trillion superannuation system, proposing uniform tax rates and new levies on high retirement withdrawals. ...Read more
Superannuation
Election policies could reshape Australia's superannuation landscape, expert warns
Competing superannuation policies from Australia's major political parties could have significant implications for investors and retirees, according to a financial expert. ...Read more
Superannuation
Industry leaders weigh in on concessional super tax as Budget confirms $55bn investment
Changes to the taxation of superannuation earnings and contributions have drawn mixed responses from financial and payroll sector leaders, as the Federal Budget confirms over $55 billion in concession...Read more
Superannuation
Call for indexation on super tax cap as $3m threshold draws criticism
A senior executive in the superannuation technology sector has criticised the Federal Government for failing to index the proposed $3 million superannuation tax cap, arguing the measure will unfairly ...Read more
Superannuation
Rest members back calls for fairer superannuation rules ahead of Federal Budget
Rest has called on the Federal Government to implement superannuation reforms aimed at improving fairness across the system, after member survey results showed strong support for a range of proposed p...Read more
Superannuation
Rest welcomes progress on ‘Payday Super’ reform
Rest, one of Australia’s largest profit-to-member superannuation funds, has welcomed the Australian Government’s release of draft ‘Payday Super’ legislation, which aims to align Superannuation...Read more
Superannuation
SuperAPI and Humanforce partner to improve superannuation compliance for one million Australians
Superannuation engagement platform SuperAPI has partnered with human capital management provider Humanforce to streamline payroll and superannuation contributions for more than one million Australian ...Read more
Superannuation
Rest super fund reports 11.19 per cent return for 2024
Rest superannuation fund delivered an 11.19 per cent return in its MySuper Growth investment option for calendar year 2024, marking two consecutive years of positive returns. ...Read more
Superannuation
Actuaries propose three-tier superannuation tax reform
The Actuaries Institute has outlined major reforms to Australia's $4.1 trillion superannuation system, proposing uniform tax rates and new levies on high retirement withdrawals. ...Read more
