Member outcomes assessment

Financial year ending 30 June 2021
Financial year ending 30 June 2021
Financial year ending 30 June 2021
Financial year ending 30 June 2021

Putting members' interests first

AustralianSuper is Australia’s largest super fund* and acting in the best financial interests of 2.5 million members is at the heart of everything we do. We’re here to help members achieve their best financial position in retirement with a history of strong long-term investment returns, high value products and services.

Each year we are required to assess our performance in promoting the financial interests of members by each product. We do this by taking into account various comparison and assessment factors.

This year we have determined that each of our products promote the best financial interests of members.

Benefit from our size

We use our size, investment capability and global reach to take advantage of opportunities that aren’t available to smaller funds.

Profits for members

As a profit-for-member fund, we don’t pay profits or dividends to shareholders.

Strong net benefits

AustralianSuper is a top performing fund over the medium and long term.

Summary of determinations

Comparison factors

Returns

Our MySuper Balanced option, where most members are invested, achieved outstanding net returns to 30 June 2021 when compared to other MySuper products over 1, 3 and 5 years. The majority of our other investment options also had strong investment returns relative to comparable funds.

Investment risk

We manage risk carefully across all of our options. The level of investment risk in our options is broadly consistent with the median level of risk in other MySuper and comparable choice products.

Fees and costs

AustralianSuper’s fees are low compared to the median in the superannuation industry when invested in the Balanced option. Our annual fees (admin and investment) for a $50,000 account balance in the Balanced option are competitively lower than the median of products that have the approximate ratio of 70% growth and 30% defensive assets which is the most appropriate comparison to the Balanced option.

Assessment factors

Investment strategy

We offer a range of investment options with different asset allocations and risk profiles, to suit the different needs of members. Our active management approach continues to drive lower investment costs and deliver top-performing long-term investment performance for the majority of our investment options.

Insurance strategy and fees

We recognise how important it is to have insurance cover. That’s why we work hard to keep costs down and provide affordable insurance cover options for our members.

Our guiding principle is that the cost of basic (default) insurance cover should be no more than 1% of a members’ average salary over their lifetime (in super) to retirement and should not erode the ultimate retirement balance by more than 10%. Our insurance fees for basic cover are comfortably below these thresholds and therefore do not inappropriately erode the retirement balances of members.

Options, benefits and facilities

AustralianSuper strives to ensure our products and services offer good value and meet the changing needs of members now and in the long run. Extensive cohort analysis was undertaken as part of the assessment and showed that our options, benefits and features are well utilised across all segments.

Scale

We’re Australia’s largest super fund by both member assets ($233b) and membership (2.5m) as at 30 June 2021. Our size enables us to capture economies of scale to reduce overall costs and gives us access to attractive, large scale investment opportunities.

Setting of fees and operating costs

The fees and costs we charge are designed to provide good long-term value and to be simple, sustainable, competitive and equitable. AustralianSuper’s operating expense to asset ratio are well below the median of other super funds, and shows the fees are set appropriately in the best financial interests of members.

Member outcomes assessment super products - pdf, 580KB

Member outcomes assessment pension products - pdf, 601KB

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* APRA Annual Fund Statistics as at 30 June 2021, based on assets under management and membership accounts.

AustralianSuper Balanced investment option compared to the SuperRatings Fund Crediting Rate Survey – SR50 Balanced (60–76) Index to 30 June 2021. Investment returns are not guaranteed. Past performance is not a reliable indicator of future returns.

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