The 12 super fund with the most satisfied members

Industry super funds increased their lead over retail funds based on member satisfaction.

Super funds that satisfy

Industry super funds increased their lead over retail funds based on member satisfaction over the last 12 months, according to the latest Roy Morgan Research results.

In May 2019, industry funds scored a 62.5 per cent satisfaction rating with financial performance, well above retail funds with 56.5 per cent.

This latest lead in satisfaction for industry funds of 6.0 per cent points is an increase from the 1.8 per cent points lead they held 12 months ago.

The best performer across all major industry and retail was Unisuper with 70.9 per cent, closely followed by Tasplan on 69.6 per cent.

The latest data in the Satisfaction with Financial Performance of Superannuation report is based on interviews conducted in the six months to May 2019.

The average member satisfaction of 56.5 per cent for retail funds represents a decrease of 3.7 per cent from the same period 12 months ago when satisfaction was 60.2 per cent.

Over the same period, industry funds improved by 0.5 per cent from 62.0 per cent in 2018 to 62.5 per cent in 2019.

One of the big items that could have resulted in such an enormous swing during this period would be the publication of the Banking Royal Commission report.

In May 2019, 10 of the top 12 performing retail and industry funds, based on member satisfaction with their financial performance, were industry funds, and the highest rating was for Unisuper with 70.9 per cent, followed by Tasplan on 69.6 per cent.

The only two retail funds to make it to the top 12 were Macquarie with 66.6 per cent and Mercer on 64.3 per cent.

The top 12 are by no means a uniform group, ranging from 70.9 per cent member satisfaction down to only 58.2 per cent for Sunsuper.

The lowest satisfaction for major super funds beyond the 12 best performers were the AMP (49.3 per cent), ASGARD (50.9 per cent) and BT (52.2 per cent).

Roy Morgan’s communications director Norman Morris said that how members felt about the performance of their fund was sometimes more important than performance tables, where figures can often be confusing.

“The overall assessment of satisfaction with financial performance by fund members clearly ranks the industry funds ahead of retail funds similar to the rankings given on performance tables,” Mr Morris said.

“This survey, however, has the added advantage of being able to understand the members behind the ratings rather than simply ranking the performance of the funds.”

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    COMMENTS

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    Old Geezer
    10th Jul 2019
    10:15am
    Personally I wouldn't put my super in any of those super funds.
    MICK
    10th Jul 2019
    11:28am
    That's because you are getting a retired politician's handout from the state.
    Gra
    15th Jul 2019
    2:36pm
    So just where would you put yours OG??
    Old Geezer
    10th Jul 2019
    10:15am
    Personally I wouldn't put my super in any of those super funds.
    Farside
    11th Jul 2019
    11:21am
    and is that the same advice you give your clients Geezer?
    Tanker
    10th Jul 2019
    10:17am
    Well "Not a Bludger" do you have a comment about Industry Funds?
    Tanker
    10th Jul 2019
    10:17am
    Well "Not a Bludger" do you have a comment about Industry Funds?
    OlderandWiser
    10th Jul 2019
    10:43am
    Don't know why retail funds still in business, must be a lot of members not interested in looking after their own interests, retail funds won't.
    CEO over the top salaries & shareholders first, Industry funds pur the members first.
    Old Geezer
    10th Jul 2019
    10:46am
    Industry funds put the union first and then give their members what's left.
    Rosret
    10th Jul 2019
    11:27am
    Old geezer super fund providers put themselves first and give the members what is left.
    Its largest channeling of Australian money out of the country in recent history. However let's not get political about who thought up this scheme.
    Tanker
    10th Jul 2019
    11:47am
    Old Geezer you are so wrong but please don't let facts get in your way as you do provide a bit of humour at times.
    Tanker
    10th Jul 2019
    11:47am
    Old Geezer you are so wrong but please don't let facts get in your way as you do provide a bit of humour at times.
    OlderandWiser
    10th Jul 2019
    11:55am
    hahahaha, OG you never disappoint with you BS posts lol.
    Old Geezer
    11th Jul 2019
    4:24pm
    If you want to invest your super where your interests are looked after then do it yourself in a SMSF. No one else will look after your interests.
    Old Man
    10th Jul 2019
    10:59am
    We're in an industry fund that is in the top ten so obviously satisfied. The discussion around industry versus retail overlooks the fact that people have a choice and what they choose to do with their super funds. It's like arguing religion or politics, neither side will change their stance regardless of the facts presented.
    Old Geezer
    10th Jul 2019
    11:10am
    The third alternative to retail and industry funds stands out well above them too.
    Rosret
    10th Jul 2019
    11:23am
    How can you do a survey on customer satisfaction?
    Its like false advertising - show us the money stats not client optimism.
    MICK
    10th Jul 2019
    11:30am
    So where are all the government funded trolls posing as individuals now? Not a peep from them? Ok, the election is over. Stolen again so there'll be little interest until next one comes around. What else is new.
    Roby
    10th Jul 2019
    11:55am
    Mick you have to get over it you socialists got your arses kicked you put up two dickheads in Shorton and Bowen who where going to tax the backside off us and you wonder why they got beat and I can tell Albanese is not looking any better same low I.Q. as the others very low.
    Old Man
    10th Jul 2019
    12:12pm
    Hi MICK, nice to see you back. Mate, you have had me pegged as a troll with a multitude of aliases and, like Labor, you are wrong. I am a simple individual who believes that Labor is not good for the nation and I voted for the Coalition. Mind you, the seat I am in is deep, deep red so my vote does nothing. I got a lot of satisfaction watching the faces of the panel on Our ABC on May 18th. I'm pleased you didn't do what a lot of the dickheads did and state that they were going to New Zealand because Morrison won the unlosable election.
    Intellego
    10th Jul 2019
    3:47pm
    Roby, the only reason sanity did not prevail at the last election was because the moronic Rightard public (predominantly from Qld) were brainwashed by Rupert Murdoch's propaganda rags, and because of the dirty election deals done by that fat oaf Clive Palmer and the red-headed clown Pauline Hanson.
    Intellego
    10th Jul 2019
    3:49pm
    Old Man: " I am a simple individual who believes that Labor is not good for the nation and I voted for the Coalition."

    Simple indeed...
    Roby
    10th Jul 2019
    4:45pm
    intellego another socialist loser get over it you will have six more years of liberal because of the thick heads in the Labor party
    MICK
    10th Jul 2019
    4:52pm
    OM - ha ha, not long here for long. I drop in occasionally to study the form.
    In regard to the election that was an exercise of the right wing media plugging 'good old Scotty' who's 'one of you'. Pretty pathetic that a party with only one policy got back in. And that's before one even looks at the track record.

    Australians may not have lost their franking credits but lets not fool ourselves that the the government is ruling for all of us. The dirt will come out. Its already started with the lies getting into gear.

    Having given some of the facts above I do have to say I had no faith in Shorten, and Albanese is not going to be much better. I saw the way the lot of them cringed after being rolled in the tax cuts for the wealthy vote. Pretty sad. Guess we'll all have to get used to a totalitarian government in power and accept what we get. Won't make much difference to us but it will to many who read on this page. Good luck OM. You may or may not be a troll but your writings indicate a lot. Me? I'll fire at both sides when they behave badly or corruptly. The scorecard on that one must be clear to even you mate. Cheers.
    OlderandWiser
    11th Jul 2019
    1:47pm
    Personally I wouldn't put my trust in anyone the gives theirs to a fictional superior being, might as well put your trust in Marvel comics
    biddi
    10th Jul 2019
    11:56am
    Anyone know anything about Colonial First State, please?
    Ardnaher
    10th Jul 2019
    12:06pm
    they are a subsidiary of Com Bank
    biddi
    10th Jul 2019
    12:29pm
    Thanks, Ardnaher.
    CFS reputation?
    Farside
    11th Jul 2019
    11:28am
    CFS reputation is not as stellar as what it once was but look up Canstar.
    KSS
    10th Jul 2019
    1:11pm
    Did any of you click on the link to the report?

    Hahahaha You have to pay $10,780 to read it!

    So unless you have more money than sense, you cannot even xhaeck what was being asked and how the questions were phrased. It is easy to get the response you want (in this case industry funds good, retail funds bad) by the way you ask and then report on the questions.

    Mind you I am not surprised Asgard reportedly scored low. I have never known anyone who didn't have issues with them - mostly of the communication and slow to action variety.
    Greg
    10th Jul 2019
    3:05pm
    The report is aimed at the industry and media - it's not expected that individuals would purchase it.
    Curious
    10th Jul 2019
    1:25pm
    I am in an industry fund. While the fund is doing alright in providing me to have some money to live on in my retirement in the last nineteen years, I haven't had an idea how the fund has been performing among its peers until I read this article. I didn't know what fees they charge and for what services. Last year I received a refund of Approximately $6,000.00 for the services they didn't provide. This only happened after the Royal Commission. Only recently I received the disclosure statement, concerning my responsibility and rights in the fund. I haven't seen my financial planner for two years. This is good because he only requested an interview with me to change the portfolio for more cash to pay my allocated pension. The fund charged heavily for this type of interviews. I have no idea how a superannuant decides that he or she satisfies with the fund when there aren't any criteria to measure the degree of satisfaction. This is particularly true when each fund has different financial products with different degrees of risks for different people with a different lifestyle. I would be very happy if someone can enlighten me in this matter.
    biddi
    10th Jul 2019
    2:15pm
    Curious: thanks. You echo my sentiments. Feeling concerned.
    MacI
    15th Jul 2019
    10:22am
    Hi Curious, If my fund had to refund you me $6000 for services not provided first thing I would be doing is looking for a new Super fund (after I got my $6000). Your new fund will take care of moving you across from your old fund.

    For me I keep it simple as I don't want the hassle of running my own SMSF - I don't have the inclination, the time nor the expertise to run a well balanced, diversified fund - nor do I have the scale to properly diversify investments.

    Most decent Super funds will quiz you to establish the level of risk you are comfortable with. From there they can identify the pre-mixed portfolio that suits your level of risk. For me I selected the option that has a risk of 3 in a scale 1 to 7 with 7 being the highest risk. This option is made up of 50% growth (risky - eg. shares, property) investments and 50% defensive (eg. cash, bonds). (The higher the risk the higher the return and the greater the volatility). This can be done online. From there it is a matter of establishing the return on investment for that portfolio over the long term and comparing the return with other funds. Lastly check the fees being charged. All returns on the Super options provided by my fund are provided net of fees. In addition they charge $1.50 a week plus 0.1% on my balance (with a cap).
    Curious
    15th Jul 2019
    11:42am
    Thanks, Maci.
    Poppa
    10th Jul 2019
    3:16pm
    Sun Super only came in 12th after winning lots of awards as best Super.
    Poppa
    10th Jul 2019
    3:16pm
    Sun Super only came in 12th after winning lots of awards as best Super.
    GuyForks
    10th Jul 2019
    5:25pm
    I thought I'd take a squint at the Roy Morgan Satisfaction Report to see how my own fund was doing, so clicked on the link. I was invited to purchase a copy of the report for $10,780 to find out. Not for the poor old proletariat, then!