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
About the author
Join the nestegg community
We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians
Your email address will be shared with nestegg and subject to our Privacy Policy
About the author
Join The Nest Egg community
We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians
Your email address will be shared with nestegg and subject to our Privacy Policy
most viewed
Economy
PM to give grants for home renovations
Economy
WA headed for recession
Expenses
Government to repay $721 million generated via robodebt
Economy
Australia’s economy is ‘better than expected’
Listen to
What the heck is with robots and tech - ETFs explained
More podcasts
Find super’s sweet spot
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.