What is the best pension fund in Australia?

There's no one best pension fund for every Australian. You have to compare pension funds for yourself and look at factors like risk level, past performance, fees charged by the fund and options for access (online, app etc).

Will an account-based pension fund affect my Age Pension eligibility?

Having an income stream via a pension fund can affect your eligibility for the Age Pension. This is because your pension fund's income stream is part of the income and assets test.

How long can my pension fund last?

Your pension fund payments can last until the money runs out. There's no set duration.

What happens to my pension fund when I die?

The money left in your pension fund will be inherited by any beneficiaries you nominate.

Can I switch pension funds?

Yes, you can switch pension funds if you want to.

Do pension funds charge fees?

Yes, just like superannuation accounts, pension funds charge a range of fees. These include admin fees and investment fees. It's worth comparing the fees for different accounts.

Compare pension funds in Australia 2026

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Finder Score	Last 1 year performance (p.a.)	Last 3 year performance (p.a.)	Last 5 year performance (p.a.)	Last 10 year performance (p.a.)	Fees on $50k balance (p.a.)
9.9 Excellent Aware Super Retirement Income - Conservative Balanced Indexed NewIndustry fundHigher risk	9.9 Excellent	Last 1 year performance (p.a.) +8.92%	Last 3 year performance (p.a.) +10.71%	Last 5 year performance (p.a.) N/A	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $167	Go to site View details Compare product selectionCompare	loading
9.9 Excellent Hostplus Pension - Indexed Balanced Industry fundHigher risk	9.9 Excellent	Last 1 year performance (p.a.) +12.09%	Last 3 year performance (p.a.) +12.98%	Last 5 year performance (p.a.) +8.94%	Last 10 year performance (p.a.) +9.76%	Fees on $50k balance (p.a.) $308	Go to site View details Compare product selectionCompare	loading
9.5 Excellent Hostplus Pension - Socially Responsible Investment - High Growth NewIndustry fundHigher risk	9.5 Excellent	Last 1 year performance (p.a.) +11.53%	Last 3 year performance (p.a.) N/A	Last 5 year performance (p.a.) N/A	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $653	Go to site View details Compare product selectionCompare	loading
8.4 Great Hostplus Pension - Indexed Defensive NewIndustry fund	8.4 Great	Last 1 year performance (p.a.) +5.19%	Last 3 year performance (p.a.) N/A	Last 5 year performance (p.a.) N/A	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $323	Go to site View details Compare product selectionCompare	loading
8.3 Great Hostplus Pension - Socially Responsible Investment - Defensive NewIndustry fund	8.3 Great	Last 1 year performance (p.a.) +4.62%	Last 3 year performance (p.a.) N/A	Last 5 year performance (p.a.) N/A	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $348	Go to site View details Compare product selectionCompare	loading
9.8 Excellent Hostplus Pension - Indexed High Growth NewIndustry fundHigher risk	9.8 Excellent	Last 1 year performance (p.a.) +14.59%	Last 3 year performance (p.a.) N/A	Last 5 year performance (p.a.) N/A	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $308	Go to site View details Compare product selectionCompare	loading
8.4 Great Hostplus Pension - Defensive NewIndustry fund	8.4 Great	Last 1 year performance (p.a.) +5.35%	Last 3 year performance (p.a.) N/A	Last 5 year performance (p.a.) N/A	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $443	Go to site View details Compare product selectionCompare	loading
9.5 Excellent Hostplus Pension - Growth NewIndustry fund	9.5 Excellent	Last 1 year performance (p.a.) +13.22%	Last 3 year performance (p.a.) +12.56%	Last 5 year performance (p.a.) +8.86%	Last 10 year performance (p.a.) +11.28%	Fees on $50k balance (p.a.) $743	Go to site View details Compare product selectionCompare	loading
7.7 Great Hostplus Pension - Bonds - Indexed NewIndustry fund	7.7 Great	Last 1 year performance (p.a.) +2.47%	Last 3 year performance (p.a.) +4.05%	Last 5 year performance (p.a.) N/A	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $323	Go to site View details Compare product selectionCompare	loading
9.9 Excellent Aware Super Retirement Income - International Shares Industry fundHigher risk	9.9 Excellent	Last 1 year performance (p.a.) +15.51%	Last 3 year performance (p.a.) +18.2%	Last 5 year performance (p.a.) +13.41%	Last 10 year performance (p.a.) +14.22%	Fees on $50k balance (p.a.) $167	Go to site View details Compare product selectionCompare	loading
9.7 Excellent Hostplus Pension - International Shares - Indexed Industry fundHigher risk	9.7 Excellent	Last 1 year performance (p.a.) +15.29%	Last 3 year performance (p.a.) +17.91%	Last 5 year performance (p.a.) +13.53%	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $323	Go to site View details Compare product selectionCompare	loading
9.7 Excellent Aware Super Retirement Income - Conservative Balanced Socially Conscious Industry fundEthical	9.7 Excellent	Last 1 year performance (p.a.) +7.5%	Last 3 year performance (p.a.) +9.46%	Last 5 year performance (p.a.) +6.87%	Last 10 year performance (p.a.) +8.36%	Fees on $50k balance (p.a.) $322	Go to site View details Compare product selectionCompare	loading
8.8 Great Hostplus Pension - Socially Responsible Investment - Balanced Industry fundEthical	8.8 Great	Last 1 year performance (p.a.) +9.62%	Last 3 year performance (p.a.) +9.57%	Last 5 year performance (p.a.) +7.98%	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $678	Go to site View details Compare product selectionCompare	loading
9 Excellent Aware Super Retirement Income - Balanced Industry fundHigher risk	9 Excellent	Last 1 year performance (p.a.) +8.2%	Last 3 year performance (p.a.) +10.2%	Last 5 year performance (p.a.) +7.07%	Last 10 year performance (p.a.) +8.83%	Fees on $50k balance (p.a.) $402	Go to site View details Compare product selectionCompare	loading
9.2 Excellent Hostplus Pension - Australian Shares - Indexed NewIndustry fundHigher risk	9.2 Excellent	Last 1 year performance (p.a.) +7.24%	Last 3 year performance (p.a.) +11.63%	Last 5 year performance (p.a.) N/A	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $298	Go to site View details Compare product selectionCompare	loading
9.4 Excellent Hostplus Pension - Balanced Industry fund	9.4 Excellent	Last 1 year performance (p.a.) +11.8%	Last 3 year performance (p.a.) +10.77%	Last 5 year performance (p.a.) +8.62%	Last 10 year performance (p.a.) +10.05%	Fees on $50k balance (p.a.) $823	Go to site View details Compare product selectionCompare	loading
9 Excellent Aware Super Retirement Income - Conservative Balanced Industry fund	9 Excellent	Last 1 year performance (p.a.) +6.34%	Last 3 year performance (p.a.) +7.84%	Last 5 year performance (p.a.) +5.92%	Last 10 year performance (p.a.) +7.05%	Fees on $50k balance (p.a.) $412	Go to site View details Compare product selectionCompare	loading

Showing 17 of 428 results

The information in this table is based on data provided by SuperRatings Pty Limited ABN 95 100 192 283, a Corporate Authorised Representative (CAR No.1309956) of Lonsec Research Pty Ltd ABN 11 151 658 561, Australian Financial Services Licence No. 421445. In limited instances, where data is not available from SuperRatings for a product, the data is provided directly by the superannuation fund.

*Past performance data and fee data is for the period ending June 2026

Finder Score for super funds

Finder Score makes comparing superannuation products easier by scoring products out of 10 after assessing their performance, fees and features.

We assess products from over 40 providers based on their risk profile.

Read the full methodology

You can open an account-based pension fund when you reach your preservation age (between 55 - 60) and retire, or when you turn 65 even if you're still working.
You can choose how much to transfer from your super into your pension fund, and how often you receive payments from the pension fund.
You don't need to go with the pension fund offered by your current super fund, you can choose one from a different fund.

What is a pension fund?

A pension fund, or account-based pension, lets you turn your superannuation into a regular income stream once you've reached retirement age. You allocate a portion of your super balance into a pension fund and then choose to receive a regular payment from the fund.

The income stream can be annual, monthly, fortnightly - whatever works for you.

An account-based pension fund is a tax-effective way to set up a regular income for your retirement, while keeping the bulk of your super invested.

What are the benefits of a pension fund?

Create a fixed but flexible income stream

Helps you create - and stick to - a fixed income in retirement. Many retirees prefer this to pulling out a lump sum, spending it over time and then dipping back into their remaining super.

Transition from work to retirement seamlessly

You can set up payments to come in just as your salary was paid while you were working.

Keep your money invested

If you withdraw all your super as a lump sum then it's no longer invested with your fund. This is fine if you've got other plans for the money.

But if you have an account-based pension fund the money is still invested. You're benefiting from investment returns for longer.

Tax advantages

If you're 60 or older, you don't pay tax on account-based pension payments. And you don't pay tax on any investment earnings once you reach retirement age either.

How to compare pension funds

When comparing pension funds look at:

Fees. The lower the fees the more money you have invested.
Performance. Like super funds, the past performance of a pension fund over 5 or 10 years is a useful way of comparing funds. But it does not guarantee future returns will be as high.
Investment options. Look at what investment options are on offer, such as balance, high growth, conservative. A lot depends on your risk levels, and the older you are the less risk you can typically afford.
Accessibility. A good pension fund offers online access via a website or app, giving you more control over your finances.

Our expert says

"You don't need to choose the account-based pension that's offered with your current super fund, although you might prefer to do so. Even if you haven't compared different super fund options in decades, it's worth having a quick look at the account-based pensions offered by other funds just in case you find one that suits you better.

If you do choose a pension account with a different super fund, don't worry, they'll communicate with your current fund and do all the work to set it up for you. "

Alison Banney

Editorial Manager, Money

How to set up a pension fund

Compare pension funds. See our tips above.
Transfer a lump sum from your super fund into the pension fund account. You can choose the amount that you want to transfer.
Select your payment frequency. You need to get at least an annual payment, but you can choose monthly or quarterly payments too. There is a minimum amount you have to withdraw annually, known as a pension drawdown requirement. This minimum increases as you get older.
Select your investment option. Like your super fund, the money you place in an account-based pension fund is invested. Depending on the fund you choose, you'll have different investment options like balanced, high growth and so on.

💡 Before doing any of the above, it's worth talking to a financial advisor and an accountant to make sure you're setting everything up in a way that's tax effective and aligns with your goals.

How much of your super can you access via a pension fund?

You can access (or "drawdown") as much of your super as you like once you've hit preservation age. But there are minimum amounts you can withdraw from the age of 64. Your minimum drawdown amounts increase as you get older.

Minimum drawdown rates

The ATO notes that the following information is indicative only. Figures are for the 2023-24 financial year onwards.

Age	Minimum % of super balance you must drawdown
64	4%
65–74	5%
75–79	6%
80–84	7%
85–89	8%
90–94	11%
95 and over	14%

Sources

Thank you for your feedback!

To make sure you get accurate and helpful information, this guide has been reviewed by Pascale Helyar, a member of Finder's Editorial Review Board.

Written by

Richard Whitten

Senior Money Editor

Richard Whitten is Finder’s Senior Money Editor, with over eight years of experience in home loans, property, credit cards and personal finance. His insights appear in top media outlets like Yahoo Finance, Money Magazine, and the Herald Sun, and he frequently offers expert commentary on television and radio, helping Australians navigate mortgages and property ownership. Richard started his career in education and textbook publishing in South Korea. He holds multiple industry certifications, including a Certificate IV in Mortgage Broking (RG 206) and Tier 1 and Tier 2 certifications (RG 146), as well as a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communications from Deakin University. See full bio

Richard's expertise

Richard has written 789 Finder guides across topics including:

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Compare pension funds that give you an annual income in retirement