12 super funds just failed the regulator’s tests: Is yours on the list?
Key takeaways
- The super regulator APRA has just released its 2026 list of Australia's worst super funds.
- This year, twelve super fund products failed the performance tests. One of these is a MySuper product, the default super products most Australians have.
- What's next: If your super fund is on APRA's worst funds list, it's time to switch to a better one.
The list of Australia's worst super funds has been updated for 2026. This year, twelve products failed benchmark performance tests, up from seven in 2025.
Eleven of these failed super products are trustee-directed products (TDPs). These are more bespoke investment options where the investment strategy is determined by the trustee.
These are the types of funds that are much more likely to end up on APRA's worst super funds lists. Last year all the worst super funds were TDPs.
Worryingly, in 2026 one of the failing funds was the Building Unions Superannuation Scheme (Queensland)'s MySuper fund product. MySuper products are the default products most Australians are invested in.
This is the first time since 2023 that a MySuper product made it onto the worst super funds list.
Want to see the best super funds instead?
Check out Finder's top super fund picks.
The 2026 worst super funds list
Here's the full list of 2026's worst super funds.
- Building Unions Superannuation Scheme (Queensland) - MySuper
- Wealth Personal Superannuation and Pension Fund - North Guardian Balanced Fund
- Wealth Personal Superannuation and Pension Fund - North Guardian Growth Fund
- Wealth Personal Superannuation and Pension Fund - North Guardian Moderately Defensive Fund
- The Bendigo Superannuation Plan - Bendigo Balanced Wholesale Fund
- The Bendigo Superannuation Plan - Bendigo High Growth Index Fund
- IOOF Portfolio Service Superannuation Fund - MLC MultiActive Geared
- IOOF Portfolio Service Superannuation Fund - MLC MultiActive High Growth
- Oasis Superannuation Master Trust - MLC MultiActive Geared Trust
- Oasis Superannuation Master Trust - MLC MultiActive High Growth Trust
- Retirement Portfolio Service - MLC MultiActive Geared Trust
- Retirement Portfolio Service - MLC MultiActive High Growth Trust
What happens when a fund fails the tests?
When any fund fails APRA's tests in the first year it is forced to notify all its members. If the fund fails in a second year it must close to new members.
What should I do if my fund is on the list?
If your super fund is on APRA's worst funds list the answer is simple: switch to a better fund as soon as possible.
Look for a fund that has:
- A strong performance record over the long term. It's better to measure a fund's performance over the longer term. Think five or 10 years. Although keep in mind that some popular newer funds won't have a 10-year record because they haven't been around that long.
- Low fees. Super fund fees can eat into your retirement balance. The lower the fees, the better.
- An investment option that suits your current lifestage and goals. Most Australians stick with default MySuper products that have a fairly balanced investment that adjusts to more defensive investments as you get older. But if you're younger or chasing higher growth, switching to a higher-growth, higher-risk investment is an option too.
And whatever you do, make sure you consolidate your super funds. Having multiple funds just means paying more fees and reducing your overall investment growth.
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