Tasplan has the most satisfied members and the satisfaction gap between industry and retail superannuation funds has widened, according to Roy Morgan.
The research house’s Superannuation Satisfaction Report found 73.9% of Tasplan customers were satisfied. This was followed by Unisuper (73.7%), Cbus (73.3%), First State Super (70.3%), HESTA (70.2%), CARE Super (67.6%), AustralianSuper (67.3%), Colonial First State (65.1%), Mercer (64.7%) and Hostplus (63.2%).
Only two of the top 10 funds were retail funds.
Leading superannuation fund customer satisfaction ratings
Source: Roy Morgan
Commenting, Roy Morgan chief executive Michele Levine said: “Of all the leading superannuation funds, Tasplan’s 8.4% increase from a year ago was the highest, and has placed it as the number one fund in terms of satisfied customers.
“Consumers are continuing to be more satisfied with industry funds, and this is reflected in the fact there is a total of eight industry funds in the overall top 10.”
Overall, 65.1% of industry fund members were satisfied compared to 59.5% of retail funds, this gap had widened 1% over the past year.
Satisfaction with financial performance of funds
Source: Roy Morgan
Amid a challenging market environment, three super fund CIOs have warned against ‘jumping at shadows’.
The professional body is calling for the annual performance test to transition to a two-metric test, so it better aligns with the overarching duty of super fund trustees to act in the best financial interests of their members.
AustralianSuper, Rest, and HESTA agree on the need to retain and enhance the test, yet they differ in their perspectives on the specific areas that warrant further refinement.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
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