AustralianSuper named super fund of the year for the third time
AustralianSuper has also won the best MySuper product and the best personal super product at Rainmaker's SelectingSuper Awards.
Australia's largest super fund AustralianSuper has won three awards at this year's SelectingSuper Awards held by financial research group Rainmaker. As well as being named Fund of the Year for the third time, the industry super fund also won best MySuper product and best personal product.
AustralianSuper's MySuper product is the pre-mixed balanced investment option and is the default option that members are placed in when they join the fund. It's also by far the most popular investment option among its members.
Executive director of research and compliance at Rainmaker Alex Dunnin said AustralianSuper was among the top performing super funds each year. He also recognised the efforts the fund has made to be transparent, and to put members' benefits first. In September 2017 AustralianSuper became the first super fund to stop automatic insurance for young members, and instead make this an opt-in process rather than opt-out.
"AustralianSuper is one of Australia's most consistent investment performers with their flagship MySuper option ranking in the top 10 in three of the past five years. And when it wasn't top 10 it only just missed out. Their other investments average in the best 10% of all funds," said Dunnin.
"They were one of the first super funds in Australia to fully disclose everything they invest in and were the first to launch annual general meetings between members and the fund's key decision makers. They were one of the first super funds to make insurance voluntary for young members below the age of 25. AustralianSuper's impact is not because of their size, but because of what they do with it," he said.
Not-for-profit funds dominated the list of finalists at this year's awards. HostPlus took the Best Long Term Performance prize, and SunSuper's default MySuper option won the best MySuper Lifecycle award. The MySuper Lifecylce product is one that invests on behalf of the member in line with their age, so the product moves the member into a less risky mix of investments as they get closer to retirement.
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