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Retirement

Satisfaction rises for superannuation funds

  • January 10 2020
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Retirement

Satisfaction rises for superannuation funds

By Cameron Micallef
January 10 2020

Industry super funds are continuing to outperform retail funds in terms of satisfaction, with the gap widening compared with the same period a year ago, according to the latest research.

Satisfaction

Satisfaction rises for superannuation funds

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  • January 10 2020
  • Share

Industry super funds are continuing to outperform retail funds in terms of satisfaction, with the gap widening compared with the same period a year ago, according to the latest research.

Satisfaction

Following on from a year where median growth strategy superannuation funds delivered nearly 15 per cent growth, satisfaction across both industry and retail funds grew.

The main difference between retail and industry superannuation funds is in the distribution of profits, with retail funds being liable to shareholders, whereas industry super funds generally return profits to members. 

Results released by Roy Morgan showed that eight of the top 10 funds based on satisfaction were industry super funds.

The Superannuation Satisfaction Report showed Tasplan on 73.9 per cent, ahead of Unisuper (73.7 per cent), Cbus (73.3 per cent), First State Super (70.3 per cent), HESTA (70.2 per cent), CARE Super (67.6 per cent), AustralianSuper (67.3 per cent), Colonial First State (65.1 per cent), Mercer (64.7 per cent) and HOSTPLUS (63.2 per cent).

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Roy Morgan CEO Michele Levine said Tasplan’s strong ratings growth compared with 12 months ago secured it the Industry Superannuation Fund of the Month Award.

“Of all the leading superannuation funds, Tasplan’s 8.4 per cent increase from a year ago was the highest and has placed it as the number one fund in terms of satisfied customers. Tasplan has now won four Industry Superannuation Fund of the Month Awards in 2019,” Ms Levine said.

Satisfaction rises for superannuation funds
Satisfaction
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About the author

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Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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