Retirement
Australia’s top super fund revealed
A leading superannuation comparison site has announced the best of the best superannuation funds for 2020.
Australia’s top super fund revealed
A leading superannuation comparison site has announced the best of the best superannuation funds for 2020.
According to Chant West’s superannuation awards, Sunsuper has surpassed all other super funds in the country to be named Chant West Super Fund of the Year.
“Throughout the year, we have remained steadfast in our commitment to our members’ financial wellbeing,” he said. “This has never been truer than how our people have rallied over recent weeks to give timely support to those who have been experiencing financial difficulties,” Bernard Reilly, CEO of Sunsuper, noted.
Mr Reilly said Sunsuper saw it as a privilege to serve the 1.4 million Australians who trusted the fund with their retirement savings. But while proud of the awards, he said the fund would not be resting on its laurels, particularly during these unprecedented times.
“We’ll continue to work hard to provide top quality products and services for our members, as well as investing in technology in order to meet members’ rapidly changing needs,” he said.
QSuper took out two awards – the other big award of the day, Pension Fund of the Year, and Best Fund: Investments.
“The challenging times currently facing Australians bring into sharp focus both the purpose and performance of the whole entire superannuation industry” said QSuper’s chief of member experience, Jason Murray.
“Put simply, we exist to help working Australia have a dignified retirement,” he continued.
Ian Fryer, head of research at Chant West, used the awards to highlight the overall impact of the superannuation industry in helping members achieve their financial outcomes.
“The main game is not just what we do for our members this year but rather what we do for our members over the next 30+ years.
“Super funds need to invest in their people and their systems to ensure they can continue to deliver for members over the long term. And on performance, it’s not about the one-year numbers but about the value funds add to members’ retirement income through strong performance over the long term.”
The researcher highlighted that while the industry continues to perform well during troubling times, it is important for members to note that long-term performance is what really matters.
”Indeed, the long-term performance of the super system as a whole has been impressive, even when the recent market falls are included.
“Since the introduction of the Super Guarantee in 1992, we have had three full market cycles and three significant downturns, and the performance numbers still look great, with funds well above their investment objectives,” Mr Fryer said.
“The strategy of using a well-diversified balanced fund to deliver investment returns that are meaningfully ahead of inflation has worked well for super fund members.”
The other winners are:
- Best Fund: Integrity – VicSuper
- Best Fund: Innovation – Russell iQ Super – Employer
- Best Fund: Advice Services – UniSuper
- Best Fund: Insurance – NGS Super
- Best Fund: Longevity Product – Colonial First State FirstChoice Wholesale
- Specialist Fund of the Year – Cbus
- Advised Product of the Year – Netwealth Accelerator
RELATED ARTICLES
About the author
About the author
Superannuation
Superannuation guarantee rate rises to 12 per cent as parental leave changes take effect
The superannuation guarantee rate has increased from 11.5 per cent to 12 per cent from Tuesday, with super contributions also being added to Commonwealth Parental Leave Pay for the first time. Read more
Superannuation
Rest's Sustainable Growth option achieves highest sustainability classification
Rest superannuation fund has achieved the highest sustainability classification for its Sustainable Growth investment option from the Responsible Investment Association Australasia. Read more
Superannuation
Aware Super slashes admin fees for retirees by up to 25 per cent
Aware Super has reduced administration fees for members with a retirement income account by up to 25 per cent and lowered the maximum annual fee. Read more
Superannuation
SuperAPI co-founder criticises Labor's superannuation tax as 'sneaky tax on young people'
The co-founder of SuperAPI has labelled Labor's proposed tax on superannuation balances above $3 million as a "sneaky tax on young people, tomorrow" disguised as a policy targeting wealthy retirees ...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 ...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 ...Read more
Superannuation
Superannuation guarantee rate rises to 12 per cent as parental leave changes take effect
The superannuation guarantee rate has increased from 11.5 per cent to 12 per cent from Tuesday, with super contributions also being added to Commonwealth Parental Leave Pay for the first time. Read more
Superannuation
Rest's Sustainable Growth option achieves highest sustainability classification
Rest superannuation fund has achieved the highest sustainability classification for its Sustainable Growth investment option from the Responsible Investment Association Australasia. Read more
Superannuation
Aware Super slashes admin fees for retirees by up to 25 per cent
Aware Super has reduced administration fees for members with a retirement income account by up to 25 per cent and lowered the maximum annual fee. Read more
Superannuation
SuperAPI co-founder criticises Labor's superannuation tax as 'sneaky tax on young people'
The co-founder of SuperAPI has labelled Labor's proposed tax on superannuation balances above $3 million as a "sneaky tax on young people, tomorrow" disguised as a policy targeting wealthy retirees ...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 ...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 ...Read more
