Future you will thank you for finding the best super fund
We looked at fees, performance, returns and investment options, so you don't have to.
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The information in this table is based on data provided by SuperRatings Pty Limited ABN 95 100 192 283, a Corporate Authorised Representative (CAR No.1309956) of Lonsec Research Pty Ltd ABN 11 151 658 561, Australian Financial Services Licence No. 421445. In limited instances, where data is not available from SuperRatings for a product, the data is provided directly by the superannuation fund.
*Past performance data and fee data is for the period ending October 2024
Figuring out the best super fund performance for 2024
It's impossible to measure future performance of any super fund. That's why we look at past performance. Which can only be an indication rather than a prediction of future returns.
Using data from the 2023 Finder Awards, we have the following winners based on different super fund categories:
Best Conservative Super Fund:HESTA Conservative offered a steady annual average return of 5.45% over the past 10 years and 4.28% over the past 5 years.
Best Conservative Balanced Super Fund:AustralianSuper Conservative Balanced had a return of 6.74% over the past 10 years and 5.04% over the past 5 years.
Best High Growth Super Fund:UniSuper Sustainable High Growth delivered an annual average of 10.35% over the past 10 years and 8.48% over the past 5 years.
Best Low Fee Super Fund:Hostplus Indexed Balanced had fees of $136 p.a on a $50,000 balance. The fund delivered 7.93% p.a over the past 10 years and 6.49% over the past 5 years.
At Finder, we understand that there is no one-size-fits-all "best" super fund. The ideal fund for you depends on your life stage, risk tolerance and growth objectives. To guide you effectively, we've selected super funds catering to different life stages and financial goals.
Our methodology involves a comprehensive analysis of various factors including performance, fees and investment options. We scrutinise funds to ensure they meet diverse investor needs, from those just starting their careers to those nearing retirement.
What's the highest-performing super fund in 2023?
The super funds with the highest returns for 2023 are all single sector investment options that invest entirely in shares. These investment options have returned over 20% for members over the 12 months to June 2023.
Although these funds have achieved outstanding high returns over the past year, they're all very high-risk investment options as they invest exclusively in international shares. The recent financial year was a good one for the share market, but it's important to remember that when there's a market fall, these options would be likely to instead make a negative return.
Kirby Rappell, executive director of SuperRatings, highlights this aspect in a July 2023 press release.
"Super funds have delivered competitive outcomes amid economic uncertainties, but high-return options are notably riskier, especially in volatile markets"
He also notes the importance of a long-term perspective, stating that "despite market fluctuations, superannuation's long-term performance remains strong, which is crucial for members not nearing retirement."
Over the long term (10 years), these funds have all achieved annual average returns of between 10% and 12% p.a.
Why it's important to make sure you're with a great super fund
Each year the regulator APRA analyses the market and identifies the worst super funds, which are underperforming for members. According to APRA data, in 2022 there were 350,000 fewer people in default super products with worse investment performance compared to 2021, which is great news.
However, APRA data also shows that 800,000 people still have their super invested with an underperforming fund. If you haven't checked your fund in a few years, you could be one of them.
You can use Finder's superannuation calculator to see an estimate of your retirement balance based on your current fund, versus if you switched to a different fund with better returns or lower fees.
How to pick the best super fund
Choosing the right super fund is crucial for your financial future. While the top-performing funds are a great start, they may not always align with your specific needs. If you're looking elsewhere, consider these key factors from our comparison table below:
High long-term returns. Look for funds with a consistent track record of strong returns over the long term (funds with 10-year returns above 7% p.a. are among the top performers).
Low fees. Higher fees can significantly eat into your retirement savings. Opt for funds with lower fees without compromising on performance (aim for annual fees less than 1.5% of your super balance).
Investment strategy aligns with your age. Your age and retirement goals should dictate your investment strategy. Younger investors might prefer high-growth options, whereas those nearing retirement may prioritise stability.
"I only moved to Australia 6 years ago so I'm playing catch up with my super. For me, low fees are important and to know my money isn't being invested in something that's destroying the planet. I also cancelled the life insurance inside my super because the premiums increase every year."
Methodology: How we choose our top super fund picks
We regularly look at the super funds in our database to determine which are the best offers for a range of different purposes. Specifically, here's how we determine each of our top pick recommendations:
This award is part of our annual Finder Customer Satisfaction Awards. Consumers rated the super fund they used based on customer service, performance, fees and overall experience and were asked if they'd recommend the fund to a friend. The final score was calculated as an average of the 5 metrics scored.
What we like about Australian Retirement Trust:
Finder Awards winner. Australian Retirement Trust was the winner in Finder's 2023 Super Fund Customer Satisfaction Awards.
Customer satisfaction score. An impressive 95% of the consumers that we surveyed said they'd recommend the fund to a friend. Its customer satisfaction rating was 4.19 out of 5.
Industry super fund. Australian Retirement Trust is an industry super fund and one of the biggest funds in Australia. It's open to all Australians to join.
Strong performance. Its default balanced product is one of the top 3 best-performing growth funds over the last decade (to June 2023).
This product is selected as part of Finder's annual Green Awards. This award looked at each super fund's current environmental performance, environmental targets and reporting and accreditation. It also analysed the fund's sustainable investment approach and the environmental performance of its portfolio.
What we like about Australian Ethical Super Balanced:
Certified sustainable. Australian Ethical is one of just a handful of super funds to be certified by the Responsible Investment Association Australasia for its commitment to responsible and sustainable investments.
Finder Green Awards winner. Australian Ethical Super was named a winner in the 2020, 2021, 2022 and 2023 Finder Green Awards.
Investment transparency. Australian Ethical Super provides a readily available list of all the companies it invests in on its website, so you can see exactly where your money is going.
Climate change awareness. Australian Ethical Super excludes all fossil fuel investments and most mining companies, while actively investing in renewable energy.
This award focuses on super funds with a balanced investment strategy, typically involving 60–80% growth assets. It evaluates these funds based on their ability to blend risk and return effectively. The assessment includes a thorough analysis of performance, asset allocation and overall fund stability.
What we like about Aware Super - Balanced Socially Conscious:
Finder Awards winner. Aware Super - Balanced Socially Conscious was awarded as the Best Balanced Super Fund in 2023, Aware Super stands out for its optimal balance between risk and return.
Strong performance. With a remarkable 10-year return of 8.4%, it demonstrates consistent performance, appealing to investors seeking both stability and growth.
Affordable fees. The fund maintains competitive fees, charging just $327 annually for a $50,000 balance, making it a cost-effective choice for investors.
Balanced strategy. Aware Super's balanced approach expertly combines various asset classes, ensuring a diversified investment portfolio.
The Best Conservative Super Fund award is given to funds that prioritise low-risk investments like cash and bonds. It assesses the funds' performance, asset distribution and their ability to provide stable, long-term returns to more risk-averse investors.
What we like about HESTA Conservative:
Finder Awards winner. HESTA Conservative leads the category this year, recognised for its prudent investment strategy and stable returns.
Solid returns. Over a decade, the fund has delivered a steady 5.45% return, showcasing its effectiveness in conservative investment.
Reasonable fees. With an annual fee of $357 on a $50,000 balance, it offers affordability while maintaining high-quality investment choices.
Risk-averse focus. Ideal for cautious investors, it emphasises safety and reliability in its asset allocation.
This category awards super funds that strike a middle ground with 41–60% growth assets. The focus is on evaluating these funds for their balanced approach to risk and return, assessing their performance, fees and risk management strategies.
What we like about AustralianSuper Conservative Balanced:
Finder Awards winner.Dominating its category in 2023, AustralianSuper Conservative Balanced is known for its judicious mix of growth and security.
Consistent growth. Exhibiting a 10-year performance of 6.74%, it appeals to those seeking steady growth without excessive risk.
Competitive fees. The fund's $367 annual fee for a $50,000 balance represents a balanced approach to cost-effectiveness and value.
Stability and growth. Skillfully navigating between conservative and growth-oriented assets, it offers a harmonious investment solution.
The Best High Growth Super Fund award is for funds heavily invested in growth assets (81–95%). It recognises funds that excel in high-risk, high-reward strategies, evaluating their long-term performance and potential to deliver significant returns.
What we like about UniSuper Sustainable High Growth:
Top in high growth. UniSuper Sustainable High Growth leads 2023's High Growth category, showcasing its proficiency in aggressive growth strategies.
Affordable fees. With a competitive annual fee of $296 on a $50,000 balance, it offers high value for its performance level.
Impressive returns. The fund has been exceptional, delivering an average 10.36% return over 10 years and 8.48% over 5 years, marking it as a stand-out choice for growth-focused investors.
Risk-adjusted strategy. The fund's focus on high-growth assets is balanced with a risk-adjusted approach, aiming to maximise returns while managing volatility, appealing to investors with a longer-term perspective.
This award identifies the top-performing single asset class funds, focusing on specific investment goals. It evaluates these funds based on their specialisation, performance in their respective asset class and their ability to meet targeted investment strategies.
What we like about Australian Retirement Trust:
Leading in a single asset class. The Australian Retirement Trust shines in 2023 as the foremost single asset class fund, specialising in international equities.
Cost-effective fees. Charging a modest annual fee of $192.40 for a $50,000 balance, it stands out for both affordability and performance.
Strong global performance. Its international shares index has yielded a remarkable 12.26% annual return over 10 years and 10.13% over 5 years, demonstrating its effectiveness in global equity investment.
Focused investment. The fund's specialisation in international shares exemplifies its targeted investment approach, offering investors an opportunity to capitalise on the growth potential of global markets.
For this category, we only considered super funds that offered a life-stage investment option as its default option. Of the funds compared, we looked at the annual fees charged on a $5,000, $50,000 and $100,000 balance as well as the past 1-, 3- and 5-year performance returns.
We also looked at the number of different life stages the product offered. Funds that offered more life stages were ranked stronger than those with fewer life stages.
What we like about Virgin Money Super LifeStage Tracker:
Age-based investment product. Virgin Money Super includes 15 different life stage investment allocations within 1 product, so your investment allocation is readjusted every 5 years in line with your age.
Low fees. Virgin Money Super LifeStage Tracker also charges some of the lowest fees in the market with impressive past performance returns.
Earn Velocity Points. You can earn Velocity Frequent Flyer Points on contributions to your fund.
Opt for a build-your-own investment option. If you don't want to go with the LifeStage Tracker, you can build your own investment portfolio from a range of asset-based investment portfolios.
Frequently asked questions about picking a super fund
Australian Ethical Super was named the best ethical super fund in the 2020, 2021, 2022 and 2023 Finder Green Awards. If you're considering an ethical super fund, it's still important to make sure the fund has strong long-term performance and competitive fees, otherwise your retirement balance will suffer.
Some of the best-performing industry super funds include Hostplus, AustralianSuper, Australian Retirement Trust, UniSuper and Cbus.
If you're starting work and looking for a super fund, look for a fund with low fees and high long-term returns. Your balance will start off small, so you don't want this already small amount of money eaten away by excessive fees.
There are 2 main types of super funds: industry super funds and retail super funds. Both funds invest your money in similar ways, but they are different in the way they're owned and managed. Industry super funds are independently run and owned by members, while retail funds are owned by major banks, insurance companies or other financial organisations. Industry super funds typically have lower fees.
SMSFs are generally only recommended if you've got a large super balance to invest, usually $200,000 or more. This is because SMSFs can be quite expensive to run and maintain, especially compared to a typical super fund. If you've got a large balance to invest, investment expertise and experience and an understanding of the legal framework, it could be something worth looking into. But keep in mind there are a lot of legal requirements you need to keep up with, as well as annual fees and charges.
Once you've found the new fund you want to join, complete the online application form to become a member. Throughout this process you can elect to have your previous super fund transfer your balance over into your new fund. Most of the work is done for you by your new fund. For a more detailed guide on how to do this, take a look at our article on how to change super funds in 4 steps.
Yes, you can have multiple super funds, but it's not a good idea to do so. If you had more than one fund, you'd be paying multiple sets of fees which would eat into your retirement balance. If you've got more than one fund open in your name it's a good idea to consolidate them.
Ryan is the founder and CEO at Tribeca Financial, a financial advice firm that listens, learns and then gets you on track. He's an accomplished financial advisor and financial wellbeing coach with over 15 years of experience.
Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds. See full bio
Alison's expertise
Alison has written 625 Finder guides across topics including:
Compound growth allows your super returns to be reinvested and generate their own returns, helping your balance grow much faster over time. Here's how it works.
Superannuation is the main way of saving for your retirement in Australia. Your superannuation is one big investment portfolio in your name that's managed for you by your super fund.
Conservative super funds are designed to protect your superannuation savings. These funds have more money invested in low-risk, defensive assets like cash, fixed interest and bonds and less money invested in shares.
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