Worst Super Funds

Which are the worst super funds?

As part of APRA's Your Future, Your Super legislation, which aims to improve retirement outcomes for Australians, the regulator looks at how super funds are performing each year. It publicly names the worst-performing funds annually, so members have an opportunity to switch to a better-performing fund.

In 2024, no MySuper funds failed the performance test. This is good news for consumers, as the mjaority of Australians have their super invested in a default MySuper product.

You can see which funds failed the performance test in 2023, 2022 and 2021 below.

• Failing super funds in 2023

  • AMG Super - MySuper

• Failing super funds in 2022

  Here are the 5 worst-performing super funds in 2022, according to APRA:

  • AMG Super - MySuper
  • Australian Catholic Superannuation - LifetimeOne
  • Energy Industries Superannuation Scheme - Balanced MySuper
  • BT Super - MySuper
  • Westpac Group Plan - MySuper

  Of these 5 funds, Westpac failed the performance test for the first time in 2022 while the remaining 4 funds failed for 2 years in a row. The 4 funds that have failed 2 years in a row are now closed to new members, and existing members will be transferred to another MySuper product.

• Failing super funds in 2021

  See the list of funds to fail the performance test last year below:

  • AMG Super - MySuper
  • ASGARD Independence Plan Division Two - Employee MySuper
  • Australian Catholic Superannuation - LifetimeOne
  • AvSuper - Growth (MySuper)
  • BOC Gases Superannuation Fund - MySuper
  • Christian Super - MyEthical Super
  • Colonial First State - FirstChoice Superannuation Trust
  • Commonwealth Bank Group Super - Accumulate Plus Balanced
  • Energy Industries Superannuation Scheme - Balanced MySuper
  • Labour Union Co-Operative Retirement Fund - MySuper Balanced
  • Maritime Super - MySuper
  • BT Super - MySuper
  • The Victorian Independent Schools Superannuation Fund - Balanced

How does APRA select the worst super funds?

APRA looks at the performance returns on all MySuper products for its analysis each year. It assesses the funds that have at least 5 years' worth of performance data and excluded the few new funds that haven't yet had enough time to show medium- to long-term returns.

MySuper funds are the default products offered by super funds when you join. They're designed to be a simple, diversified investment option with fees that aren't too high or too complex and to be suitable for the majority of members regardless of age. The reason APRA only looks at MySuper products when putting together its list of worst funds is that these products are where the vast majority of consumers have their super invested.

How to tell if you're in a bad super fund

There are 2 main ways to tell if it might be time to switch:

Your fund charges high fees: If you're paying annual fees that are 1.5-2% of your account balance, this is considered to be high. For example, if you've got a balance of $30,000 and your annual fees are $600, this is a fee of 2% which is higher than many funds in the market.

Your fund delivers poor performance: Many of the top-performing super funds achieve average returns over 7-9% p.a. over 10 years. If your fund is delivering returns much lower than this, for example 4% or 5% p.a., this is quite low in comparison. However, the type of fund you're with will impact investment returns. If you're in a more conservative portfolio, you can expect lower returns over the long term.

How do the worst super funds compare to the best funds?

Being in a poor-performing super fund can have a huge impact on your super balance when you retire. It might not seem like a big difference early on, but the more your super grows and benefits from compound growth over your working life, the bigger the difference will be.

Example: Poor-performing fund vs high-performing fund

Let's say you're 25 years old, earning $80,000 a year and have a super balance of $20,000. Assuming your income stays the same until you retire, here's the super balance you'd have at retirement with different performing super funds, according to MoneySmart's calculator.

As you can see, switching from a super fund that earns 5% p.a. to one that earns 9% p.a. can help you retire with more than double the amount of super. That's a lot of extra money for simply switching from a poor-performing fund.

Remember, past performance doesn't guarantee future performance. When looking at a fund's performance, make sure you look at long-term returns (over 10+ years) instead of the most recent year's return on its own.

What to do if you're in a bad super fund

If you're with one of the worst-performing super funds that APRA names on its list each year, you'll receive an email or letter from your super fund. The fund is required to tell you it has failed the performance test and encourage you to compare super funds.

According to APRA, a few months after it published its 2021 list of worst super funds, only 7% of members in one of those funds had actually switched their super. APRA said this was concerning, as it meant people would retire with less.

If you're in a bad super fund you should do the following:

1. Look at how your fund has performed over the long term (5-10 years) and how this compares with others in the market.
2. Consider switching to a better performing super fund (it's easier than you think to change super funds).
3. Make sure you properly close your old fund and consolidate any other funds you have into your new fund.
4. Give your employer your new fund account details so you can start receiving your super payments into your new fund.

Switch to a better super fund today

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Last 1 year performance (p.a.) (low-high)Last 1 year performance (p.a.) (high-low)Last 3 year performance (p.a.) (low-high)Last 3 year performance (p.a.) (high-low)Last 5 year performance (p.a.) (low-high)Last 5 year performance (p.a.) (high-low)Last 10 year performance (p.a.) (low-high)Last 10 year performance (p.a.) (high-low)Fees on $50k balance (p.a.) (low-high)Fees on $50k balance (p.a.) (high-low)

Name	Last 1 year performance (p.a.)	Last 3 year performance (p.a.)	Last 5 year performance (p.a.)	Last 10 year performance (p.a.)	Fees on $50k balance (p.a.)
Promoted Promoted Hostplus Australian Shares Industry fund Higher risk	Last 1 year performance (p.a.) +11.58%	Last 3 year performance (p.a.) +6.97%	Last 5 year performance (p.a.) +8.5%	Last 10 year performance (p.a.) +9.3%	Fees on $50k balance (p.a.) $350	Go to siteMore info Compare	This is a high-risk, high-growth investment option that invests entirely in Australian shares and aims for strong returns over the long term.
Promoted Promoted Australian Ethical Super - High Growth Green Company Ethical Higher risk	Last 1 year performance (p.a.) +15.37%	Last 3 year performance (p.a.) +4.84%	Last 5 year performance (p.a.) +8.44%	Last 10 year performance (p.a.) +8.52%	Fees on $50k balance (p.a.) $728	Go to siteMore info Compare	This is a high-risk, high-growth option that invests in Australian and international shares, property and alternatives to provide long term growth.
Promoted Promoted Vanguard Super SaveSmart - High Growth Higher risk	Last 1 year performance (p.a.) +16.32%	Last 3 year performance (p.a.) N/A	Last 5 year performance (p.a.) N/A	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $270	Go to siteMore info Compare	This is a high-risk, high-growth option that invests in a range of different asset classes, with a strong focus on Australian and international shares.
Virgin Money Super Indexed Overseas Shares Indexed investmentHigher risk	Last 1 year performance (p.a.) +29.11%	Last 3 year performance (p.a.) +11.73%	Last 5 year performance (p.a.) +13.36%	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $385	Go to siteMore info Compare
Australian Retirement Trust - International Shares Index (unhedged) Finder Award Industry fundIndexed investmentHigher risk	Last 1 year performance (p.a.) +26.07%	Last 3 year performance (p.a.) +10.34%	Last 5 year performance (p.a.) +12.28%	Last 10 year performance (p.a.) +11.92%	Fees on $50k balance (p.a.) $192	Go to siteMore info Compare
Virgin Money Super - LifeStage Tracker Lifestage	Last 1 year performance (p.a.) +15.61%	Last 3 year performance (p.a.) +6.76%	Last 5 year performance (p.a.) +8.11%	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $363	Go to siteMore info Compare
Vanguard MySuper - Lifecycle Age 47 and under Lifestage	Last 1 year performance (p.a.) +16.44%	Last 3 year performance (p.a.) N/A	Last 5 year performance (p.a.) N/A	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $280	Go to siteMore info Compare
Hostplus Indexed Balanced Industry fund	Last 1 year performance (p.a.) +14.22%	Last 3 year performance (p.a.) +6.59%	Last 5 year performance (p.a.) +7.63%	Last 10 year performance (p.a.) +7.75%	Fees on $50k balance (p.a.) $135	Go to siteMore info Compare
UniSuper - Sustainable Balanced Finder Award Best Rated Brand Industry fundEthical	Last 1 year performance (p.a.) +15.25%	Last 3 year performance (p.a.) +4.41%	Last 5 year performance (p.a.) +7.2%	Last 10 year performance (p.a.) +7.79%	Fees on $50k balance (p.a.) $316	Go to siteMore info Compare
Vanguard Super SaveSmart - International Shares Higher risk	Last 1 year performance (p.a.) +28.23%	Last 3 year performance (p.a.) N/A	Last 5 year performance (p.a.) N/A	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $280	Go to siteMore info Compare
Hostplus - International Shares - Indexed Industry fundHigher risk	Last 1 year performance (p.a.) +28.59%	Last 3 year performance (p.a.) +11.35%	Last 5 year performance (p.a.) +12.97%	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $155	Go to siteMore info Compare
Aware Super - Balanced Socially Conscious Finder Award Industry fundEthical	Last 1 year performance (p.a.) +14.68%	Last 3 year performance (p.a.) +6.36%	Last 5 year performance (p.a.) +8.14%	Last 10 year performance (p.a.) +7.94%	Fees on $50k balance (p.a.) $322	Go to siteMore info Compare
Superhero Super - International Shares Higher risk	Last 1 year performance (p.a.) +27.19%	Last 3 year performance (p.a.) +10.68%	Last 5 year performance (p.a.) +12.78%	Last 10 year performance (p.a.) +11.68%	Fees on $50k balance (p.a.) $382	Go to siteMore info Compare
Australian Retirement Trust - Conservative Industry fund	Last 1 year performance (p.a.) +6.68%	Last 3 year performance (p.a.) +3.5%	Last 5 year performance (p.a.) +3.96%	Last 10 year performance (p.a.) +4.87%	Fees on $50k balance (p.a.) $457	Go to siteMore info Compare
Hostplus Balanced Industry fund	Last 1 year performance (p.a.) +10.32%	Last 3 year performance (p.a.) +5.27%	Last 5 year performance (p.a.) +7.22%	Last 10 year performance (p.a.) +8.36%	Fees on $50k balance (p.a.) $625	Go to siteMore info Compare
Australian Retirement Trust - Balanced Industry fund	Last 1 year performance (p.a.) +11.89%	Last 3 year performance (p.a.) +6.32%	Last 5 year performance (p.a.) +7.62%	Last 10 year performance (p.a.) +8.31%	Fees on $50k balance (p.a.) $477	Go to siteMore info Compare
Aware Super Future Saver - MySuper Lifecycle Manage Age 56 Industry fundLifestage	Last 1 year performance (p.a.) +13.8%	Last 3 year performance (p.a.) +5.71%	Last 5 year performance (p.a.) +8.12%	Last 10 year performance (p.a.) +8.72%	Fees on $50k balance (p.a.) $452	Go to siteMore info Compare
Vanguard Super SaveSmart - International Shares (Hedged) Higher risk	Last 1 year performance (p.a.) +18.92%	Last 3 year performance (p.a.) N/A	Last 5 year performance (p.a.) N/A	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $280	Go to siteMore info Compare
Aware Super Future Saver - MySuper Lifecycle Manage Age 57 Industry fundLifestage	Last 1 year performance (p.a.) +13.44%	Last 3 year performance (p.a.) +5.58%	Last 5 year performance (p.a.) +7.84%	Last 10 year performance (p.a.) +8.45%	Fees on $50k balance (p.a.) $442	Go to siteMore info Compare

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How we picked these

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 December 2024

Frequently Asked Questions

• Have all super funds lost money?

  Not all super funds have lost money, but some may have experienced negative returns during periods of market volatility, such as during economic downturns or financial crises. Super funds with high exposure to equities or other volatile assets might see losses in such periods, while more conservative funds with higher allocations to bonds or cash might perform better.

• Which are the failing super funds in Australia?

  Failing super funds in Australia are typically those that consistently underperform, have high fees, or fail the annual performance test conducted by the Australian Prudential Regulation Authority (APRA). Super funds that fail this test may be forced to notify their members, and consistent underperformance could lead to fund closure. APRA publishes a list of underperforming funds annually, so it's important to check these reports and consider switching to a better-performing fund.

• Should I have 2 super funds?

  Every super fund you have charges fees, so having more than one fund means you're paying extra fees for no reason. While some fees and costs are calculated based on your balance, most funds also charge a flat fee of $5 to $15 per month. If you have more than one account, you're paying those flat fees multiple times, which eats into your retirement balance. You can consolidate your funds easily and quickly online.

Written by

Alison Banney

Editorial Manager, Money

Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full bio

Alison's expertise

Alison has written 638 Finder guides across topics including:

• Superannuation
• Savings accounts, bank accounts and term deposits
• Budgeting and money-saving hacks
• Managing the cost of living