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A year of positive returns and Fund growth

October 27th, 2023

Bill Watson First Super Chief Executive Officer

From The CEO, Bill Watson

For First Super and its 50,000 members, the 2022/23 financial year was a year of positive investment returns and Fund growth.

We outperformed many larger funds with our investment returns. The MySuper/Balanced accumulation option, where most of our members’ super is invested, returned 9.44% for 2022/23.1

Pleasingly, our Balanced Accumulation option is a top 10 performer for three year-returns, according to the latest rankings by superannuation ratings agency SuperRatings.2

But we’re also focused on long-term returns. And the good news is that over the last ten years, the average return for our Balanced accumulation option is 7.83% each year.

We welcomed a record number of new members to First Super this year, with an increase in membership of 5.5%. Funds received from members and their employers increased by 29%. After payments of benefits and before including investment returns, the Fund grew by $126 million.

This growth is important as it puts us on an even more sustainable footing, allowing us to continue to deliver investment returns and our high levels of personal service to our members.

In August the prudential regulator, APRA, released its annual performance test results for MySuper products, which is designed to improve member outcomes and apply consequences for funds that fail the test.

Our Balanced Accumulation option passed this test for the third consecutive year. This year the performance test also was applied to trustee-directed products, and our Shares Plus, Conservative Balanced and Growth options all passed too.

As we look ahead to 2023/24, we will continue to work with our Investment Committee and Board to actively review our investment strategy and manager performance, to deliver positive returns for our members.

1 Past returns are not an indicator of future returns.

2 SuperRatings Top 10 Returns – Balanced (60-76) 3 year return period as of 30 June 2023.