How to Compare Super Funds
Updated March 2026 · 9 min read
Choosing a super fund is one of the most consequential financial decisions most Australians will make, yet many people stay with their default fund without comparing alternatives. This guide provides a structured framework for evaluating super funds across the factors that matter: fees, performance, insurance, investment options, and service.
What to Compare
There are five core areas to evaluate when comparing super funds:
- Fees: The total cost of your account, including administration, investment, and indirect costs. Fees are deducted regardless of performance.
- Investment performance: Net returns over 5 and 10 years for equivalent investment options. Past performance is not a reliable indicator of future results.
- Insurance: Default cover levels, definitions (especially TPD), and premium costs deducted from your balance.
- Investment options: The range of investment strategies available, from single MySuper options to diversified choice menus.
- Service: Member portal, app quality, access to advice, and claims processing experience.
Understanding the APRA Heatmap
APRA publishes a MySuper Product Heatmap that uses a traffic-light system to rate funds on investment performance, fees, and sustainability. Green indicates the fund is performing well relative to peers. Amber indicates it is close to the benchmark. Red indicates underperformance. The heatmap only covers MySuper products, not Choice options.
Funds that fail the annual performance test two years in a row must write to their members and cannot accept new members until they pass. This creates a public accountability mechanism.
MySuper vs Choice
MySuper is the default, simple product every fund must offer. It has a single diversified investment strategy and is subject to the APRA performance test. Choice products give you access to multiple investment options but are not covered by the performance test. If you are comparing a MySuper product to a Choice option, make sure you are comparing equivalent risk profiles.
Industry Funds vs Retail Funds
Industry funds are run on a profit-to-members basis and are typically associated with unions or industry groups. Retail funds are operated by financial institutions (banks, insurers) and may distribute profits to shareholders. Historically, industry funds have had lower average fees, but this gap has narrowed in recent years. Compare specific funds rather than making assumptions based on the category.
Step-by-Step Comparison Process
Find your fund name, product name (MySuper or Choice), total fees, investment option, insurance cover, and your latest annual statement. This is your baseline for comparison.
Compare the total annual fee for a $50,000 balance (published in every PDS). Include administration fee, investment fee, and indirect cost ratio. Ignore one-off fees unless you plan to switch frequently.
Look at 5-year and 10-year net returns for the equivalent investment option (e.g. compare "Balanced" to "Balanced"). Use APRA Heatmap data or fund websites. Past performance does not predict future results.
Check the default Death, TPD, and Income Protection cover in each fund. Note the cover amounts, definitions (any occupation vs own occupation for TPD), and the weekly or monthly premiums deducted.
If you want more control, check whether the fund offers a range of investment options (growth, balanced, conservative, direct shares, ethical). Some members prefer a simple MySuper default; others want more flexibility.
Look at the fund app and member portal, access to financial advice (general or personal), ease of making changes, and how claims are handled. These factors matter if you need to interact with your fund regularly.
Frequently Asked Questions
General information only, not personal financial advice. This guide does not rank or endorse any specific super fund. Past performance is not a reliable indicator of future performance. Consider your own circumstances or consult a licensed financial adviser.