Is your super fund now at the top of the super satisfaction list?

There have been some wild changes in the latest super satisfaction rankings.

New fund tops super satisfaction list

Over the last 12 months, industry super funds have increased their lead over retail funds for member satisfaction.

In July 2019, 62.8 per cent of people with superannuation in an industry fund reported being satisfied with the financial performance of their fund. This is up 1.1 percentage points on a year ago, and is well above retail funds with 57.4 per cent of their members satisfied (down 1.2 percentage points).

The current lead in satisfaction for industry funds of 5.4 percentage points is an increase from the 3.1 percentage point lead they held 12 months ago.

The best performer across all major industry and retail funds was Cbus with 73.2 per cent of their members satisfied, closely followed by Catholic Super on 71.3 per cent. Third was Unisuper on 69.6 per cent.

The data from the Roy Morgan Research super satisfaction survey is based on annual in-depth at-home interviews with more than 50,000 consumers, including more than 30,000 with superannuation.

Satisfaction with industry super funds is almost at the highest level it has ever achieved, which was 63 per cent in March 2008, before the global financial crisis struck.

Nine of the top 12 performers were industry funds. The only three retail funds to make it into the top 12 were Macquarie with 68.2 per cent, Mercer on 64.4 per cent and Suncorp on 61.1 per cent.

The lowest satisfaction for major funds, beyond the 12 best performers, was recorded by AMP (49.5 per cent), ASGARD (52.5 per cent) and both BT and IOOF on 52.8 per cent.

The biggest improvements in satisfaction among the top 12 over the past year were from Suncorp (up 9.9 percentage points), Cbus (up 8.8 percentage points) and Macquarie (up 5.6 percentage points).

The fund showing the largest decline was Catholic Super, which was down 2.6 percentage points.

Roy Morgan chief executive Michele Levine said the member satisfaction performance reflected the financial performance of the funds.

“The satisfaction of members with the performance of their super fund is key to whether a member will continue to hold their super with their current fund or consider choosing a new fund,” Ms Levine explained.

“The increase in industry fund satisfaction to some extent tracks the performance of the Australian share markets which reached a new record high in July nearly 12 years after their previous high prior to the GFC.

“However the decline in member satisfaction with retail super funds from a year ago, by 1.2 percentage points to 57.4 per cent, shows there is more to managing superannuation than a high-flying share market.”

Are you satisfied with your super fund?

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    COMMENTS

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    Rae
    23rd Sep 2019
    10:35am
    No. The same amount of money invested in property over the 43 years I was in compulsory superannuation would have produced 6 times the amount of income and millions more in wealth.
    Greg
    23rd Sep 2019
    12:31pm
    Hindsight is wonderful
    Rae
    24th Sep 2019
    8:02am
    Yes Greg. Problem was I knew all along but it was compulsory as a condition of employment due to union and employer agreements. When you are forced into a saving scheme it should deliver what it promises in my opinion.
    VeryCaringBigBear
    23rd Sep 2019
    10:40am
    Very satisfied and so glad I manage it myself.
    VeryCaringBigBear
    23rd Sep 2019
    10:40am
    Very satisfied and so glad I manage it myself.
    inextratime
    23rd Sep 2019
    12:20pm
    VCBB - Self professed genius !
    Greg
    23rd Sep 2019
    12:55pm
    inextratime - He's a legend in his own mind.
    floss
    23rd Sep 2019
    1:16pm
    More important matters than this.Why are we not discussing the more important climate change issue and the effect of over population in Australia with our lack of water and infrastructure, try thinking about the next generation our kids.
    KSS
    23rd Sep 2019
    2:54pm
    Try talking to the Chinese and Indians before pontificating in Australia where even if we went zero emissions tomorrow would make not the slightest difference.
    Horace Cope
    23rd Sep 2019
    4:49pm
    What I find intriguing about the little kiddies wagging school to protest, floss, is that since then the silent majority have started to stir and express their views. The silent majority also includes a group of scientists directly qualified in the climate sciences who are telling us that man has very little input into climate change. Oh yes, floss, climate change has been happening ever since the earth cooled even before man walked on the earth but now people are standing up and challenging the hysteria promoted by those making money out of carbon offset sales.
    VeryCaringBigBear
    24th Sep 2019
    9:26am
    I worry about all the kiddies being brain washed by teachers on issues such as the natural issue of climate change and now have mental issues.
    Theo1943
    24th Sep 2019
    5:21pm
    KSS pollution by China accounts for 28% of the world total whereas Australia contributes 1.3%. Does that mean China is the problem?

    On a per person basis China contributes 1 1/2 times as much pollution as the average world citizen. The average Australian contribution is 4 times. Hmmm.
    80 plus
    17th Oct 2019
    10:53am
    VCCB why are all the teachers that brain wash children considered by you to be at odd with your view, are their not rabbid right wing teachers if not ask your self why, perhaps the rabbid mob are to busy making money to spend time teaching children.
    johnno
    23rd Sep 2019
    8:01pm
    KSS - reminds me of conversations with my then 5-6 year old wanting to pick flowers in the national park and what difference would it make to pick just one plant? A: but if everyone visited the place and took a plant, imagine what an effect it would have.
    Similarly, even if our overall effect is small, it’s no reason to sit back and do nothing.
    Alexii
    24th Sep 2019
    11:55am
    Quite correct, johnno. As for climate change, yes there has always been changes in Earth's climates but what some people are ignoring is the extremely rapid change brought about by human activity in the past couple of hundred years (ie since the beginning od the Industrial Revolution) and rapid acceleration of it in more recent times.
    Humans have devastated the natural environment in virtually every part of the world and continue to do so as in Australia, for instance, where what remains of our natural vegetation is still being knocked down at an enormous rate. I see it in my own area where people on their small rural holdings come and buy them and then knock down most of the trees on their block to do as one of my neighbours did ie grow weeds. He cleverly thought he was going to grow a pasture on this really poor quartz based soil. Why he didn't;t buy a block on the plains further down the road where there was lariat pastures on good soils I just don't fathom.
    My wife and I have had Greening Australia direct drill on several occasions so we have grown hundreds (or even a couple of thousand or so) extra trees and shrubs but what we do doesn't make up for all the destruction we see around us. At least we do our bit!
    As far as we are concerned it is wonderful toes all those young people leading the way in protests - they are the future adults and let's hope they don't become disillusioned due to government apathy and even anti-environment attitudes apart from those of big business and so many other ordinary folk. The more who realise the dangers for Earth (and hence for humans) the better.
    Returned Serviceman..
    24th Sep 2019
    2:21pm
    The Superannuation Guarantee started on 01/07/1992 just over 27 years ago, what super was compulsory before that.
    Farside
    24th Sep 2019
    11:55pm
    as a returned serviceman you would be all over the DFRB, DFRDB and MSBS arrangements for service personnel. But you did not need to be in the ADF for compulsory super. When I commenced with a large mining house in 1981 I had to contribute a tad over 4% to my defined benefit super.


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