First Super makes MySuper Top Ten
September 9th, 2019
The super regulator’s recent review of super fund performance named First Super as sixth out of 85 providers, as industry super funds continue to lead the market.
Industry Super Australia (ISA) has used latest figures from the super industry regulator to rank the country’s 60 registered MySuper products – and First Super made the top 10, ranking at number 6.
This result shows that you don’t need to be a member of a large super fund to get great returns on your super.
The Australian Prudential Regulation Authority’s (APRA) Quarterly Superannuation Performance Statistics (March 2019) and Quarterly MySuper Statistics (March 2019) provide an independent overview of what is happening as regards superannuation returns, over both the short and long term. ISA uses these statistics to produce a regular report of how super funds are performing, with a particular eye on comparing industry and retail super funds.
In its most recent analysis, ISA found that of the top-20 performing MySuper products based on net returns over the 5-year period, 17 were from industry super funds and 19 were from not-for-profit funds. Over half of the MySuper products with performance in the bottom quartile were from retail funds.
ISA also reports that the average annual net returns of industry super fund MySuper products over the 5-year period to March 2019 quarter was 8.2 per cent – that’s 1.4 per cent higher than that of the retail funds.
Below is ISA’s league table of the 5-year average annual returns for the top-10 performing single-strategy MySuper products based on its analysis of APRA statistics.
|Rank||Product name||Fund name||Fund type||5-year returns (%)|
|2||Statewide MySuper||Statewide Super||Industry||8.97%|
|4||Growth (CBUS MySuper)||CBUS||Industry||8.63%|
|6||First Super MySuper||First Super||Industry||8.50%|
|7||My AutoSuper||MTAA Super||Industry||8.45%|
|8||MySuper Balanced||Mercy Super||Corporate||8.35%|
|9||Diversified (MySuper)||NGS Super||Industry||8.18%|
|10||Intrust MySuper||Intrust Super Fund||Industry||8.05%|
Source: ISA analysis of APRA Quarterly MySuper Statistics, March 2019
Note: The returns shown are the annualised average net returns for a representative member. Past investment returns are not a reliable indication of future returns.
You can read more details about superannuation funds’ performance in ISA’s Briefing Note – July 2019.
For more details visit The New Daily website.