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
Expanding super for under-18s could help close the gender super gap, says Rest
In a push to address the gender disparity in superannuation savings, Rest, one of Australia's largest profit-to-member superannuation funds, has called for a significant policy change that would allow...Read more
Superannuation
Employment Hero pioneers real-time super payments with HeroClear integration
In a significant leap forward for Australia's payroll and superannuation systems, Employment Hero, in collaboration with Zepto and OZEDI, has successfully processed the country's first payroll-embedde...Read more
Superannuation
Rest launches Rest Pay to streamline superannuation payments and boost member outcomes
In a significant move aimed at enhancing compliance with upcoming superannuation regulations, Rest, one of Australia’s largest profit-to-member superannuation funds, has unveiled an innovative clear...Read more
Superannuation
Rest appoints experienced governance expert to bolster superannuation fund
Rest, one of Australia's largest profit-to-member superannuation funds, has announced the appointment of Ed Waters as the new Company Secretary. Waters, who brings with him over 15 years of extensive ...Read more
Superannuation
Small businesses brace for cash flow challenges as Payday Super becomes law
With the new Payday Super legislation now enacted, small businesses across Australia are preparing for a significant shift in how they manage superannuation contributions. The law, which mandates a tr...Read more
Superannuation
Rest launches Innovate RAP to support fairer super outcomes for First Nations members
In a significant move towards reconciliation and inclusivity, Rest, one of Australia's largest profit-to-member superannuation funds, has unveiled its Innovate Reconciliation Action Plan (RAP). This i...Read more
Superannuation
Payday super legislation promises fairer retirement for part-time and casual workers
In a landmark development for the Australian workforce, the recently passed Payday Super legislation is set to transform the retirement landscape for countless part-time and casual workers. Rest, one ...Read more
Superannuation
Payday Super passes as Employment Hero, OZEDI and Zepto unite to help small businesses meet new seven-day payment rule
With the Payday Superannuation Bill officially passing through Parliament, Australian businesses are now less than eight months away from a major shift in how superannuation contributions are made —...Read more
Superannuation
Expanding super for under-18s could help close the gender super gap, says Rest
In a push to address the gender disparity in superannuation savings, Rest, one of Australia's largest profit-to-member superannuation funds, has called for a significant policy change that would allow...Read more
Superannuation
Employment Hero pioneers real-time super payments with HeroClear integration
In a significant leap forward for Australia's payroll and superannuation systems, Employment Hero, in collaboration with Zepto and OZEDI, has successfully processed the country's first payroll-embedde...Read more
Superannuation
Rest launches Rest Pay to streamline superannuation payments and boost member outcomes
In a significant move aimed at enhancing compliance with upcoming superannuation regulations, Rest, one of Australia’s largest profit-to-member superannuation funds, has unveiled an innovative clear...Read more
Superannuation
Rest appoints experienced governance expert to bolster superannuation fund
Rest, one of Australia's largest profit-to-member superannuation funds, has announced the appointment of Ed Waters as the new Company Secretary. Waters, who brings with him over 15 years of extensive ...Read more
Superannuation
Small businesses brace for cash flow challenges as Payday Super becomes law
With the new Payday Super legislation now enacted, small businesses across Australia are preparing for a significant shift in how they manage superannuation contributions. The law, which mandates a tr...Read more
Superannuation
Rest launches Innovate RAP to support fairer super outcomes for First Nations members
In a significant move towards reconciliation and inclusivity, Rest, one of Australia's largest profit-to-member superannuation funds, has unveiled its Innovate Reconciliation Action Plan (RAP). This i...Read more
Superannuation
Payday super legislation promises fairer retirement for part-time and casual workers
In a landmark development for the Australian workforce, the recently passed Payday Super legislation is set to transform the retirement landscape for countless part-time and casual workers. Rest, one ...Read more
Superannuation
Payday Super passes as Employment Hero, OZEDI and Zepto unite to help small businesses meet new seven-day payment rule
With the Payday Superannuation Bill officially passing through Parliament, Australian businesses are now less than eight months away from a major shift in how superannuation contributions are made —...Read more
