Australia’s largest superannuation fund, AustralianSuper, has emerged as the top-rated personal product in the latest six-monthly Heron Partnership ratings.
MLC MasterKey Business Super has emerged as the top-rated corporate product.
The latest ratings, released to Super Review in early February, covered 146 superannuation products, including 121 personal products (comprising 62 industry funds and 59 master trusts) and 25 master trust and industry fund products specifically designed for the corporate superannuation market.
Commenting on the research outcome, Heron Partnership managing director Chris Butler noted it was the first time that AustralianSuper had been judged as the top-rated product.
“Although AustralianSuper has achieved 5 Star status at every half-yearly assessment since we commenced public ratings in 2006, this is the first occasion that AustralianSuper has been judged as a Top Rated Product,” he said.
However, Butler said it was the fourth consecutive occasion that MLC MasterKey Business Super had been judged as the Top Rated Product within the Corporate superannuation division.
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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