Roy Morgan’s latest Superannuation Satisfaction Report revealed sector satisfaction with superannuation increased to a record high of 67.6 per cent.
According to Roy Morgan chief executive Michele Levine, 2020 saw members engage with their funds on a more regular basis, especially given the federal government’s decision to allow members early access to their super.
“Together, these factors focused people’s attention on their superannuation, and their funds’ performance, to a degree that’s unusual, especially for those who are nowhere near retirement. And Australians have never been more satisfied,” she said.
Members belonging to public sector funds were the most satisfied, with satisfaction levels reaching a high of 75.7 per cent. Self-managed super funds followed with a slim margin of 10 basis points in the six months to January 2021.
“It’s not surprising to see public sector fund members the most satisfied – some members have the security of now phased-out defined benefit funds, while others receive more than the legally required minimum 9.5 per cent employer contribution,” Ms Levine said.
“As for self-managed super funds, well, you’d hope their members were satisfied with performance since they are the ones making the investment decisions.”
The results released by Roy Morgan also revealed the top-performing industry fund based on satisfaction, with Catholic Super said to be number one, albeit from a smaller client base.
In second place was Cbus Super, followed by Tasplan, with UniSuper and Care Super rounding out the top five.
The nation’s largest superannuation fund, AustralianSuper, was the sixth most popular industry superannuation fund in terms of member satisfaction.
Among retail funds, Macquarie had the highest level of satisfaction, again from a smaller base than many of the other funds reported. In second place was OnePath followed by Mercer, MLC and Colonial First.
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