Top superannuation funds named for 2021: Is yours one of them?
Leading super research and ratings agency Chant West has revealed its 2021 super fund winners.
Leading superannuation research and ratings agency Chant West has named the winners for its 2021 super fund awards. AustralianSuper was awarded the overall 2021 Super Fund of the Year for its impressive returns and investment management during such a volatile time in the market.
Chant West says the Super Fund of the Year award focuses on the experience of a typical member. "That is, someone with an account balance of up to $50,000 in their employer's default MySuper fund. It recognises excellence across a range of key criteria, namely: investments, member services, fees, insurance and organisational strengths."
Chant West Super Fund of the Year winners
Super Fund of the Year winner:
Super Fund of the Year Finalists:
Chant West Best Fund: Investments winners
AustralianSuper was also named as the winner for the Best Fund: Investments award. The AustralianSuper Balanced product (which is the default MySuper product and where the majority of members have their super) has been the top-performing growth fund over the past 10 years.
"Investment is the most important aspect of superannuation. We assess funds on their investment processes and resources and whether they are likely to deliver strong returns. Ultimately, the aim must be to deliver the best possible results for members after fees and tax. For many years, the best net returns have come from funds that have maintained a significant exposure to unlisted assets – property, infrastructure and private equity – in their investment mix," says Chant West.
Finalists for the Best Fund: Investments award included Aware Super, Cbus, Hostplus and Statewide Super.
Actions to take with your super right now
If this has inspired you to get on the front foot with your super, here are a few actions you can take right away.
- Check your super has been paid correctly. With the super guarantee rate about to rise, it's a good time to check that you're actually getting paid the correct amount of super as it is. Your employer should be paying you super at least four times a year.
- Compare funds. Take a minute to compare super funds to see how yours stacks up. If you find a fund with a longer history of high returns and lower fees, consider making the switch.
- Consolidate funds. Check how many funds you currently have by logging in to your myGov account that's linked to the ATO. If you've got multiple funds, it's definitely worth consolidating them so you're not paying multiple sets of fees.