SelectingSuper has announced the Super Fund of the Year for 2017.
Financial information service Rainmaker Information and independent superannuation consultancy firm SelectingSuper have announced the winners of the Rainmaker SelectingSuper Awards for 2017.
The awards for the best superannuation providers and products in Australia were considered with customer outcomes as the most highly ranked criteria. Other factors taken into account were fees, governance credentials, value for money on insurance offerings, and customer service.
This year’s SelectingSuper Fund of the Year was awarded to AustralianSuper.
Australia's largest superannuation fund took out the top prize for delivering high investment returns, maintaining low fees and competitive insurance. AustralianSuper also took out two other awards – the Personal Select Choice Product of the Year and the Investment and Innovation Leadership Award.
Other 2017 SelectingSuper Award winners were:
MySuper Product of the Year
MySuper Lifestage Product of the Year
First State Super – Employer Sponsored
Workplace Select Choice Product of the Year
Sunsuper for Life
Personal Select Choice Product of the Year
AustralianSuper Personal Plan
Retirement Select Choice Product of the Year
Workplace Multichoice Product of the Year
Personal Multichoice Product of the Year
Colonial First State – FirstChoice Personal
Retirement Multichoice Product of the Year
IOOF Employer Super – Pension
Superannuation Group Insurance
Legalsuper (superannuation fund), OnePath Life (insurer)
Investment Innovation and Leadership Award
Long-Term Performance Award
Asset Consultant of the Year
JANA Investment Advisors
Innovation Award for Millennial Superannuation
SMSF Administrator of the Year
Consumer Choice Award
Industry Service Awards
Fund of the Year
The awards are chosen based on long-term performance but also with an eye to current industry trends, both of which are showing high upside.
"Super funds continue to surprise on the upside. Average returns of more than 10 per cent in 2016-17 continue to show how superannuation funds in Australia are doing their job – earning strong investment returns that will enable millions of Australians to enjoy a comfortable retirement. And showing these returns are no fluke, the 30-year return is almost a whopping eight per cent, which is nearly triple the long-term inflation rate,” said Director of Research at Rainmaker Information Alex Dunnin.
“Combined with how funds are continuing to improve, developing their technology, lowering fees, lifting investment outcomes and innovating, Australia’s 12 million superannuation fund members should feel confident about their future.
"Australia’s best superannuation funds produce not only consistent and strong investment returns, they innovate. It’s no surprise the top funds in Australia have an enviable track record in adopting new technology, lowering fees, expanding their range of services and choices and working hard with their communities.
"This year's award winners are a roll call of some of the most innovative yet reliable funds in Australia. To knock previous years’ winners off their perch they'd have to be," said Mr Dunnin.
How did your super fund perform? Are you happy with your fund?