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What are superannuation companies?
Superannuation companies, more commonly referred to as superannuation funds, provide products to help invest and grow your retirement savings while you're still working. According to Finder research, there are 23.2 million superannuation accounts in Australia from a total of 145 fund providers.
Superannuation is compulsory for Australian employees, and you need a dedicated superannuation fund to put the money into (it can't just go into your standard bank account). Super companies offer these dedicated products. As of March 2023, the money held in Australian super funds totaled $3.5 trillion, according to the ASFA.
What are industry super funds?
Industry super funds are not-for-profit funds that were originally reserved for workers in a particular industry, but are now open to all Australians. These funds are owned and run by members, with profits going back into the fund to benefit members. They usually only exist to provide superannuation products.
What are retail super funds?
Retail funds are often owned by a bank, insurance provider or another type of large financial institution. As well as superannuation products, they often offer other financial products and services such as bank accounts, mortgage products and insurance. Profits are distributed among shareholders as well as put back into the fund.
What is a self managed super fund?
A self managed super fund (SMSF) is an option for people who want to manage their superannuation themselves, instead of putting it into a superannuation fund. You can create your own SMSF with up to 4 members (usually family members) and invest your retirement savings how you want to. However, SMSFs are expensive, tricky and time-consuming to run.
Use our comparison table to compare super funds based on performance, fees and insurance options.
Performance figures quoted on this page are correct to June 2023, according to Chant West. Investment returns are not guaranteed. Past performance is not a reliable indicator of future returns.
The performance figures listed below do not account for the market volatility experienced in recent months. This is because some funds report their performance figures monthly, some do it quarterly and others bi-annually. Therefore, to ensure the performance figures are consistent and consumers can compare funds in a fair and accurate way, Finder updates all performance figures in December and June each year in line with Chant West. This also gives a more accurate picture of the long-term performance of each fund, while focusing less on short-term market volatility.
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*Past performance data is for period ending June 2023 and fee data is updated monthly.
Why you can trust Finder's super fund experts
We're free
Our comparison tables are completely free to use. We link you directly to the super fund's secure application page. Plus, you can access all of our research in our media room.
We're experts
We've researched and rated hundreds of super funds as part of our Finder Awards. We've published 50+ guides and our in-house experts regularly appear on Sunrise, 7News and SBS News.
We're independent
Unlike other comparison sites, we're not owned by a super fund company. That means our opinions are our own and you can compare nearly every super fund in Australia on Finder.
We're here to help
Since 2017, we've helped over 200,000 people find a super fund by comprehensively comparing funds. We'll never ask for your personal information. We're here to help you make a decision.
Frequently asked questions
Your employer will pay your super directly into your chosen super fund account. From there, the super fund will invest the money on your behalf to help it grow and increase your balance. You can choose what level of investment you'd like (for example, if you prefer higher or lower risk options), but the day-to-day investment decisions are managed by your super fund. To make an informed decision about your investment strategy, it's important to compare super funds using our super funds comparison table. By evaluating factors such as performance, fees, and risk profiles, you can select the best super fund that best aligns with your goals and preferences.
The super guarantee is the amount of super your employer is legally required to pay you into your chosen super fund, on top of your salary or wages. Currently the super guarantee rate is 11% of your annual income.
Alison Banney is the money editorial manager at Finder. She covers all areas of personal finance, and her areas of expertise are superannuation, banking and saving. She has written about finance for 10 years, having previously worked at Westpac and written for several other major banks and super funds.
If super funds are charging fees based on super balances in multiples of 50k, then having 100k in one super fund or having 50k in 2 different funds should not make a big difference with respect to super fees, right?
While many fees charged for super are as a percentage of the sum invested, some can be fixed (e.g. administration fees). So if you have multiple accounts, you likely will end up paying more than in using just a single fund.
Hi Andrew, this would depend on a whole range of factors such as which investment option you’re looking at and which investment time period. You can see the latest performance figures for funds in our comparison table: https://www.finder.com.au/super-funds
My super was recently transferred to Mercer.
First I knew about it was when my employer was unable to make a deposit into it.
I’m concerned as this is not a company I chose to be with, but have no idea who would be better.
I’m still five yrs from retirement and want my money in safe hands.
Hi Sally, we’re a comparison site and aren’t able to offer you any personal financial advice. We’d strongly suggest speaking with a financial advisor or accountant who can offer you personal advice on your super and retirement planning.
Please note that Telstra is not an open fund, meaning there are eligibility criteria you need to meet in order to join. To join this fund, you must be a Telstra employee or have a family member who is.
In terms of how this fund performs, you can see its performance returns here.
You can compare these with other funds in the market to get an idea of how this fund has performed in the past (but keep in mind past performance isn’t a reliable indicator of future performance). You should also compare the fees of this fund too against others.
Thanks for getting in touch! You can divide your super across as many funds as you want to, but you will need to pay fees on each fund. This is why it’s generally advised to only have the one super fund.
Hope this was helpful. Should you need any clarifications, feel free to message back and we can advise you accordingly.
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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.
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If super funds are charging fees based on super balances in multiples of 50k, then having 100k in one super fund or having 50k in 2 different funds should not make a big difference with respect to super fees, right?
While many fees charged for super are as a percentage of the sum invested, some can be fixed (e.g. administration fees). So if you have multiple accounts, you likely will end up paying more than in using just a single fund.
Who is the best performing Super fund At the moment?
Hi Andrew, this would depend on a whole range of factors such as which investment option you’re looking at and which investment time period. You can see the latest performance figures for funds in our comparison table: https://www.finder.com.au/super-funds
My super was recently transferred to Mercer.
First I knew about it was when my employer was unable to make a deposit into it.
I’m concerned as this is not a company I chose to be with, but have no idea who would be better.
I’m still five yrs from retirement and want my money in safe hands.
Hi Sally, we’re a comparison site and aren’t able to offer you any personal financial advice. We’d strongly suggest speaking with a financial advisor or accountant who can offer you personal advice on your super and retirement planning.
What is the ranking of Telstra super in general ?
Hi Horang,
Please note that Telstra is not an open fund, meaning there are eligibility criteria you need to meet in order to join. To join this fund, you must be a Telstra employee or have a family member who is.
In terms of how this fund performs, you can see its performance returns here.
You can compare these with other funds in the market to get an idea of how this fund has performed in the past (but keep in mind past performance isn’t a reliable indicator of future performance). You should also compare the fees of this fund too against others.
You can compare other super funds that are open for all Australians to join here.
Hope this helps.
Thanks,
Alison
can you divide your super accross all super funds without having to pay fees for low income earners?
Hi Kristina,
Thanks for getting in touch! You can divide your super across as many funds as you want to, but you will need to pay fees on each fund. This is why it’s generally advised to only have the one super fund.
Hope this was helpful. Should you need any clarifications, feel free to message back and we can advise you accordingly.
Best,
Nikki