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This year’s 5 worst super funds: Are you in one of them?

Sad man using smart phone during breakfast at home

Shockingly, 4 out of the 5 worst super funds this year were also on the list last year.

The Australian Prudential Regulation Authority (APRA) has revealed its list of the worst super funds for this year, with 5 funds being named and shamed. This is part of APRA's legislation introduced last year where the regulator will analyse all MySuper funds in the market and publicly name those that have failed the performance test.

MySuper funds are the default super product offered to members. It's where the majority of Australians have their retirement savings.

APRA looked at the performance returns on 69 MySuper products for its 2022 analysis. It assessed the funds that had at least 5 years' worth of performance and fee data and excluded the few new funds that haven't yet had enough time to show medium- to long-term returns.

The regulator found 5 MySuper funds had failed the test, which is a big improvement from last year when 13 funds failed. However, worryingly, 4 out of 5 of this year's worst funds were also on last year's list.

5 worst super funds on APRA's list

  • AMG Super - MySuper
  • Australian Catholic Superannuation - LifetimeOne
  • Energy Industries Superannuation Scheme - Balanced MySuper
  • BT Super - MySuper
  • Westpac Group Plan - MySuper

Westpac is the only fund in this year's list that wasn't included last year.

What to do if you're a member

If you're a member of the Westpac Group Plan - MySuper, you can expect to receive a notice from your fund by the end of September. APRA requires the fund to tell members it has underperformed the benchmark and offer you the opportunity to compare super funds and switch to another fund.

If you're a member of 1 of the remaining 4 funds, you'll be moved into another fund soon. Because these 4 funds have failed the performance test 2 years in a row now, APRA is closing these funds to new members and transferring all existing members to a different MySuper product that hasn't underperformed.

Even if your fund isn't on the list of worst super funds, it's a good idea to compare your fund with others in the market. If you do want to switch, check out the best super funds over the last decade and our step-by-step guide on how to change super funds.

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