Retail superannuation funds are usually run by banks or large investment companies, and often offer a wide range of investment options and other financial products.
1 - 11 of 266
Compare other products
We currently don't have that product, but here are others to consider:
How we picked these
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.
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 March 2025
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 March 2025
What is a retail super fund?
A retail super fund is a superannuation fund that's owned and manged by a financial institution, such as a bank. Many retail funds are owned by the big 4 banks and other major investment or insurance companies which are often listed on a public stock exchange. They do make a profit from managing the fund's administration and investments, which is distributed among shareholders.
Retail super funds are often offered by a major bank in addition to a range of other financial products and services, including insurance products.
Most popular retail super funds
These are the 4 retail superannuation funds with the most members.
Retail super fund
Number of members
Mercer Super
895,460
MLC Super Fund
848,000
AMP Super
690,000
Colonial First State
640,000
Retail super funds versus industry super funds
The key difference between retail and industry super funds is how they're owned and managed, and what they do with their profits. While industry super funds are known as 'profit-for-members' funds, retail super fund profits are allocated to shareholders. Industry funds, in comparison, claim to put all profits back into the fund. This is distributed to members of the fund, as well as used for things like marketing the fund to attract new members.
Retail funds are typically owned by big banks and investment firms which offer a wide range of financial products and services. Industry funds, on the other hand, exist purely as a super fund. Industry funds were originally created and owned by Unions so often are aligned to a particular industry, however most are open to everyone now.
"Retail super funds often offer a greater range of investment options, giving you more choice in the kind of fund you invest your super in. They also often offer more customisable insurance coverage, including life, total and permanent disability and income protection policies. With larger super balances, the fee is often negotiable. Finally, as they're owned by other financial product providers, you can often 'bundle' products together, resulting in better pricing than had you gone to two separate companies."
In fact, AustralianSuper has 3.4 million members, which is more than the top 4 retail super funds combined.
Are retail funds more expensive?
Retail funds on average do charge higher fees than industry super funds. However, retail super funds have been reducing their fees in recent years.
When looking at MySuper products only, the fees are almost the same on average between both industry and retail funds.
Our expert says
"Retail super funds have been known to generally charge higher fees, however this isn't necessarily the case anymore.
In fact, some of the new retail super funds to launch over the last 5 years, including Virgin Money Super and Vanguard Super, have some of the lowest fees in the market as well as really strong returns. "
Consider the following features when you're choosing a retail super fund.
The investment options
If you want to invest your super outside of the default MySuper option, check the fund offers an investment option to suit you (e.g. a high growth or indexed option).
Past performance
Look for a retail fund with high long-term returns (the 10+ year returns) for the most accurate picture of how the fund has performed on average.
The fees
Aim for total annual fees below 1% of your account balance. To get even lower fees, consider an indexed invvestment option which a lot of retail funds now offer.
Insurance options
Does the fund offer tailored insurance options? One benefit of a retail fund that also offers insurance products is you might find the insurance cover is cheaper or more comprehensive.
Investment strategy
Check the fund's investment strategy aligns with what you're looking for. For example does it invest ethically?
Thousands of people compare super funds with Finder every month
4.69 average rating from 805 reviews
As seen on
How do I join a retail superannuation fund?
The process to join a retail super fund is the same as any other super fund. All you need to do is head to the fund's website and start the online application form. The application form should take you around 10-20 minutes to complete, and you'll need to provide the following bits of information:
Your full name, date of birth and contact information
Your Australian residential address
Your phone number and email address
Your tax file number (TFN)
Your chosen investment option (if you want to invest in something other than the default MySuper option) and insurance cover
Details of your existing super fund if you'd like to consolidate your super
Once your application has been completed successfully, you'll receive your membership details by email. You can then give these to your employer so they can start paying your superannuation guarantee payments into your new fund.
Before you join a retail super fund, compare all super funds to see if there's a better option for you.
Frequently Asked Questions
Yes, if the retail super fund is a public offer fund anyone can join it. Some retail funds are closed funds and are only offered by certain employers.
Retail money funds, often known as retail super funds, are managed investment products offered to individual investors. These funds pool money from multiple investors to invest in a diversified portfolio, and they are designed to meet the needs of everyday consumers.
Retail funds are designed for individual investors and often have higher fees and more accessible entry points, while institutional funds cater to large entities like pension funds and usually offer lower fees and require larger investments. Institutional funds are not generally available to the public.
Retail funds are designed for individual investors and typically involve diversified, low-to-moderate risk investments. Hedge funds, on the other hand, are generally reserved for sophisticated investors and employ higher-risk strategies to achieve potentially higher returns. Hedge funds are less regulated and require higher minimum investments.
Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full bio
Alison's expertise
Alison has written 651 Finder guides across topics including:
Here's a comprehensive list of super fund providers in Australia, including industry and retail funds. Here's a comprehensive list of super fund providers in Australia, including industry and retail funds.
GuildSuper is an industry super fund open to all Australians but dedicated to those in the pharmacy sector, veterinary and allied health industries. See performance and fee details.
When you start your first job you'll need to open a bank account, a super fund and understand what your tax obligations are.
Important information about this website
Finder makes money from featured partners, but editorial opinions are our own.
Finder is one of Australia's leading comparison websites. We are committed to our readers and stand by our editorial principles.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
We make money by featuring products on our site. Compensation received from the providers featured on our site can influence which products we write about as well as where and how products appear on our page, but the order or placement of these products does not influence our assessment or opinions of them, nor is it an endorsement or recommendation for them.
Products marked as 'Top Pick', 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
