AustralianSuper named 2017 SelectingSuper Fund of the Year
AustralianSuper was awarded for its consistently high returns and low fees.
Rainmaker Information has today announced AustralianSuper as Fund of the Year in its annual SelectingSuper Awards. The awards are an annual round-up of the best super products in Australia across numerous categories.
Australia's largest super fund, AustralianSuper, was named the Fund of the Year for 2017 because of its consistently high investment returns, low fees and competitive insurance options. The industry super fund also won the Personal Select Choice Product of the Year and the Investment and Innovation Leadership Award.
In addition to fees, performance, transparency and insurance options, member outcomes were also identified as a key criteria, with the fund's ability to deliver for its members being the most highly ranked criteria used in the analysis. In September this year, AustralianSuper announced it was dropping automatic insurance for young Australians. AustralianSuper was the first fund to do so, and it said the initiative was an attempt to make the system fairer for its 150,000 members under the age of 25.
Industry super funds certainly dominated this year's awards, being named as winners of several categories. Host Plus was named the winner of the MySuper Product of the Year category and also took the Long-Term Performance award.
REST Super took out the Innovation Award for Millennial Superannuation. In 2016, REST moved to digital statements instead of paper-based statements, saving members thousands in printing costs and communicating with millennials in a more natural way. The industry fund also recently launched Roger the chat-bot, who has helped answer over 2,500 user questions to date.
"Combined with how funds are continuing to improve, develop their technology, lower fees, lift investment outcomes and innovate, Australia's 12 million superannuation fund members should feel confident about their future. This year's awards winners are a roll call of some of the most innovative yet reliable funds in Australia. To knock previous year's winners off their perch, they'd have to be," said director of research at Rainmaker Information, Alex Dunnin.
UniSuper was named the Retirement Select Choice Product of the Year, AvSuper won the Consumer Choice Award and BT Panorama won the SMSF Administrator of the Year. If you're keen to check out the 2017 Super Fund of the Year, take a look at our review of AustralianSuper to learn more about the fund and how it could benefit you.