Industry super funds increased their lead in member satisfaction over their retail counterparts over the last year, now leading by 4.8 percentage points compared to 1.6 per cent a year ago.
The latest data from Roy Morgan’s Single Source survey showed that industry funds scored 6.2 per cent satisfaction with financial performance compared to 57.3 per cent from retail funds, which represented an increase of 1.4 points and a decrease of 1.6 points respectively.
The highest rating fund for satisfaction was Catholic Super with 72.1 per cent, followed by UniSuper on 70.8 per cent. Only two retail funds, Macquarie with 65.9 per cent and Colonial First State with 60.4, made it into the top ten funds for satisfaction.
The most improved were Catholic Super (up 9.8 percentage points over the last year), HESTA (up 5.7 points), and AustralianSuper (up 3.7 points). Tasplan showed the largest decline, going down 5.1 percentage points, followed by Cbus which was down five points.
The major super funds with the lowest satisfaction ratings were AMP with 50 per cent customer satisfaction, Suncorp with 51.5 per cent, and MLC with 51.8.
The below chart shows the top 10 performers for satisfaction:
The research house has offered a silver lining after super fund returns saw the end of a five-month streak last month.
A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
A number of measures, including super on Paid Parental Leave, funding to recover unpaid super, and frameworks to encourage investment in the energy transition, have been welcomed by the superannuation industry.
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