Super Funds Awards 2020!

Wendy Z.
Wendy Z.Published on 12 Jan 2022

A good superannuation fund can make a huge difference to the quality of life you can expect to maintain once you reach your retirement years. Your balance may not seem important now, but whether you retire in 10, 20 or 30 years, the discrepancy in value can be worth hundreds of thousands of dollars dependent on your choice of super fund. Here are the top-rated super funds of 2022!

Retail Super Funds · See All

This year's award for best retail super fund goes to Future Super which also won the award last year. Founded in 2014, Future Super focuses on ethical investing, choosing to build funds with new renewable energy sources and zero fossil fuels. They also claim that since their inception in 2014, the Balanced Impact option has averaged a total of 7.50% per year (as at 30 November 2021). Reviewers have found switching to Future Super to be an easy process, and really like how the fund reflects their personal values in choosing to invest for a cleaner future.

Another super fund which has excellent ratings is Verve Super, a relatively new fund that launched in December 2018. It's already managed to get a 2021 ProductReview Award win under its belt, too. A super fund founded by women for women, Verve Super aims to help women understand their finances and build their wealth, offering financial coaching and online learning resources through Verve Academy. As at 12th January 2022, they claim that they have achieved a return of 10.40% since inception, and a 6 month return of 7.65%. Partnering with Future Super as the asset manager, they set ethical screening requirements and focus on investing for a cleaner, greener world. Customers have so far been very happy with the support and service they receive from Verve Super.

Future Super
Future Super
Verve Super
Verve Super
All-Time Rating4.95.0
2021 Rating4.825.0
Transparency4.84.9
Customer Service4.664.98
Insurance Options4.534.54
Income Protection4.464.5

Industry Super Funds · See All

As not-for-profit organisations, industry funds typically charge lower fees compared to retail funds, and profits are returned to members. Historically, they also tend to have higher returns on investments than retail super funds. Unfortunately, we found that many industry funds' ratings were let down by unsatisfactory experiences with customer service and long processing times for claims.

An exception to this is HESTA Super Fund. As well as being the 2021 and 2022 Award Winner for Best Industry Super Fund, it currently has the best rating in its category on ProductReview.com.au. As at 30 June 2021, they claim an 8.87% p.a return over a 10 year period for their Balanced Growth option, and an 8.80% p.a. return since inception. Reviewers are pleased with the returns on their super, customer service and low fees.

HESTA Super
HESTA Super Fund
All-Time Rating4.2
2021 Rating4.33
Transparency4.5
Customer Service4.27
Insurance Options4.4
Income Protection4.5

SMSF / Small Funds · See All

When you have a self managed super fund (SMSF), you'd rather be spending your time managing your own investments than dealing with pesky administration tasks. This year the SMSF Award goes to Just Superfund. They help clients set up new self-managed super funds, take over the admin of existing funds, and fulfil all annual reporting requirements, including Financial Statements, Member Statements, Investment Reports, Annual Return, and Independent Audit. Clients are impressed with their professionalism, overall service and reasonable fees.

Another SMSF that rates highly is Xpress Super. They didn't receive enough reviews this year compared to Online Super Fund, so unfortunately they aren't a recipient of the award. Despite this, customers report an excellent service that is timely and efficient, with easy set-up.

Just Superfund
Just Superfund
Xpress Super
Xpress Super
All-Time Rating4.94.9
2021 Rating4.94.9
Transparency4.94.8
Customer Service4.945.0

Public Sector Super Funds · See All

Winning the award for best public sector super fund for the fourth year running is VicSuper. Now open to anyone, VicSuper is a profit-to-member super fund. As at 31 December 2021, VicSuper claims a 10 year performance return of 8.66% for Balanced portfolios with a Transition to Retirement (TTR) feature, and 9.45% for Balanced portfolios without the TTR option. Clients are generally impressed with the financial/retirement planning advice they receive and find the staff helpful, friendly and professional.

VicSuper
VicSuper
All-Time Rating4.7
2021 Rating4.0
Transparency4.83
Customer Service3.88
Insurance Options3.0
Income Protection3.0
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