Have all super funds lost money?

Not all super funds have lost money, but some may have experienced negative returns during periods of market volatility, such as during economic downturns or financial crises. Super funds with high exposure to equities or other volatile assets might see losses in such periods, while more conservative funds with higher allocations to bonds or cash might perform better.

Which are the failing super funds in Australia?

Failing super funds in Australia are typically those that consistently underperform, have high fees, or fail the annual performance test conducted by the Australian Prudential Regulation Authority (APRA). Super funds that fail this test may be forced to notify their members, and consistent underperformance could lead to fund closure. APRA publishes a list of underperforming funds annually, so it's important to check these reports and consider switching to a better-performing fund.

Should I have 2 super funds?

Every super fund you have charges fees, so having more than one fund means you're paying extra fees for no reason. While some fees and costs are calculated based on your balance, most funds also charge a flat fee of $5 to $15 per month. If you have more than one account, you're paying those flat fees multiple times, which eats into your retirement balance. You can consolidate your funds easily and quickly online.

Is Colonial First Super under-performing?

Colonial First Super has had some issues over the years, including a class action lawsuit, penalties for misleading members and extra license conditions imposed by APRA. However, it has not failed APRA's performance test. As of May 2026, Colonial First's average fees are competitive and its super fund products have recorded 10-year returns in the 7–8% range.

Is it worth switching super funds?

Yes. Switching to a better super fund is probably one of the smartest financial decisions you can make. Even a small increase in performance or slightly lower fees can make a big difference to your wealth by retirement.

Can I switch super funds without losing money?

Switching to a better fund will likely save you money through lower fees and better returns. And there's no cost for exiting a super fund (for most funds). While it's not a direct financial cost, changing super funds will affect your life insurance cover, assuming you have life insurance cover in your super. The new fund may have different cover than your old one, which could change how much you pay in premiums or any potential payouts.

Worst super funds in Australia [latest performance data]

Each year, the Australian Prudential Regulation Authority (APRA) analyses all the super funds in Australia and names and shames the worst performers.
In 2026, 12 super fund products failed APRA's performance test. 11 of these were trustee-directed products and 1 was a MySuper product.
Sticking with a poor-performing super fund can lead you to retire with hundreds of thousands of dollars less.

Want to see the best super funds instead?

Check out Finder's top super fund picks.

Let's go

The worst performing super funds in Australia in 2026

In 2026 a total of 12 super fund products failed APRA's benchmark tests. This includes 11 trustee-directed products (TDPs) and 1 MySuper product. You can read more in our news story on APRA's 2026 results.

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

This is the first time a MySuper product (the most popular super fund products) has failed the test since 2023.

Of the 11 failed TDPs, six failed for the first time and five were repeat fails.

Worst performing super funds of past years

You can see which funds failed the performance test in 2025, 2024, 2023, 2022 and 2021 below.

These seven super funds failed APRA's test in 2025:
- The Bendigo Superannuation Plan - Bendigo Balanced Wholesale Fund
- The Bendigo Superannuation Plan - Bendigo High Growth Index Fund
- Wealth Personal Superannuation and Pension Fund - MyNorth Index Moderately Defensive
- IOOF Portfolio Service Superannuation Fund - MLC Wholesale Horizon 2 Income Portfolio
- 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 last 5 products in this list failed 2 years in a row and will now be closed to new members.
In 2025, no MySuper funds failed the performance test.
One MySuper product failed the performance test in 2023, for the third year in a row. A further 96 trustee-directed products (TDPs) also failed.
- AMG Super - MySuper
Here are the 5 worst-performing super funds in 2022, according to APRA:
- AMG Super - MySuper
- Australian Catholic Superannuation - LifetimeOne
- Energy Industries Superannuation Scheme - Balanced MySuper
- BT Super - MySuper
- Westpac Group Plan - MySuper
Of these 5 funds, Westpac failed the performance test for the first time in 2022 while the remaining 4 funds failed for 2 years in a row. The 4 funds that have failed 2 years in a row are now closed to new members, and existing members will be transferred to another MySuper product.
- AMG Super - MySuper
- ASGARD Independence Plan Division Two - Employee MySuper
- Australian Catholic Superannuation - LifetimeOne
- AvSuper - Growth (MySuper)
- BOC Gases Superannuation Fund - MySuper
- Christian Super - MyEthical Super
- Colonial First State - FirstChoice Superannuation Trust
- Commonwealth Bank Group Super - Accumulate Plus Balanced
- Energy Industries Superannuation Scheme - Balanced MySuper
- Labour Union Co-Operative Retirement Fund - MySuper Balanced
- Maritime Super - MySuper
- BT Super - MySuper
- The Victorian Independent Schools Superannuation Fund - Balanced

How does APRA select the worst super funds?

APRA looks at the 10-year performance returns and fees on:

MySuper products. These are the default products most Australians have.
Trustee-directed products (TDPs). These are superannuation products controlled by the fund's trustee.

In 2026, 1 of 50 MySuper products failed the test - the first MySuper failure since 2023 - along with 11 of 141 platform trustee-directed products.

APRA looks at the 10-year performance of funds (Net Investment Return) and looks at the administration fees and costs charged on different balances.

What happens if a fund fails APRA's performance test?

If a fund fails APRA's performance test 2+ years in a row, APRA orders the fund to close to new members and for the fund to put a plan in place to transfer existing members to another fund.

Expert insight

"Don't settle for second best. Remember that ongoing average performance could mean the difference between a retirement spent scrimping, or a retirement filled with abundance. Nothing and no-one is forcing you to remain with an underperforming fund. If it's not performing to meet your retirement goals, vote with your feet."

Pascale Helyar

Superannuation and wealth expert

How to tell if you're in a bad super fund

Your fund is underperforming if your investment return is lower than similar, comparable funds and you're paying too much in fees.

Comparing super fund fees. If you're paying annual fees that are 1.5-2% of your account balance, this is considered to be high. Fees below 1% are more competitive. Your fund should disclose the fees charged on a $50,000 balance as a basic comparison.
Comparing super fund performance. Look at your super fund's performance over the last 10 years. Then compare it to other, similar funds. Many of the top-performing super funds achieve average returns of 10-13% p.a. over 10 years, based on the top-scored funds in our comparison table.

Understanding fund performance levels

It's important to compare similar super funds when looking at performance. High growth funds will usually have higher returns than balanced funds because they're allocating more of your investment towards high growth investments. This also makes them riskier.

You can't compare a conservative fund against a high growth fund.

How do the worst super funds compare to the top funds?

Being in a poor-performing super fund can have a huge impact on your super balance when you retire.

Example: Poor-performing fund vs high-performing fund

Let's say you're 25 years old, earning $80,000 a year and have a super balance of $20,000. Assuming your income stays the same until you retire, here's the super balance you'd have at retirement with different performing super funds, according to MoneySmart's calculator.

Your super fund's performance p.a. until you retire	Your balance at retirement
5% p.a.	$367,197
7% p.a.	$539,211
9% p.a.	$818,833

As you can see, switching from a super fund that earns 5% p.a. to one that earns 9% p.a. can help you retire with more than double the amount of super. That's a lot of extra money for simply switching from a poor-performing fund.

Remember, past performance doesn't guarantee future performance. When looking at a fund's performance, make sure you look at long-term returns (over 10+ years) instead of the most recent year's return on its own.

What to do if you're in a bad super fund

If you're with one of the worst-performing super funds that APRA names on its list each year, you'll receive an email or letter from your super fund. The fund is required to tell you it has failed the performance test and encourage you to compare super funds.

If you're in a bad super fund you should do the following:

Look at how your fund has performed over the long term (5-10 years) and how this compares with others in the market.
Consider switching to a better performing super fund (it's easier than you think to change super funds).
Make sure you properly close your old fund and consolidate any other funds you have into your new fund.
Give your employer your new fund account details so you can start receiving your super payments into your new fund.

Switch to a better super fund today

16 of 565 results

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.)
9.2 Excellent Aware Super High Growth Indexed NewIndustry fundIndexed investmentHigher risk	9.2 Excellent	Last 1 year performance (p.a.) +6.95%	Last 3 year performance (p.a.) +13.99%	Last 5 year performance (p.a.) N/A	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $172	Go to site View details Compare product selectionCompare	loading
9.6 Excellent AMP Super Specialist International Shares Finder AwardHigher risk	9.6 Excellent	Last 1 year performance (p.a.) +9.31%	Last 3 year performance (p.a.) +16.95%	Last 5 year performance (p.a.) +11.77%	Last 10 year performance (p.a.) +12.92%	Fees on $50k balance (p.a.) $611	Go to site View details Compare product selectionCompare	loading
9.7 Excellent MLC MasterKey Super Fundamentals - MLC Low Cost Growth Higher risk	9.7 Excellent	Last 1 year performance (p.a.) +7.94%	Last 3 year performance (p.a.) +13.34%	Last 5 year performance (p.a.) +8.23%	Last 10 year performance (p.a.) +8.84%	Fees on $50k balance (p.a.) $328	Go to site View details Compare product selectionCompare	loading
9.9 Excellent Aware Super International Shares Finder AwardIndustry fundHigher risk	9.9 Excellent	Last 1 year performance (p.a.) +9.29%	Last 3 year performance (p.a.) +17.66%	Last 5 year performance (p.a.) +11.99%	Last 10 year performance (p.a.) +13.14%	Fees on $50k balance (p.a.) $167	Go to site View details Compare product selectionCompare	loading
9.9 Excellent Hostplus - International Shares - Indexed Industry fundHigher risk	9.9 Excellent	Last 1 year performance (p.a.) +9.75%	Last 3 year performance (p.a.) +17.06%	Last 5 year performance (p.a.) +11.89%	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $144	Go to site View details Compare product selectionCompare	loading
9.8 Excellent Vanguard Super SaveSmart - International Shares (Hedged) NewHigher risk	9.8 Excellent	Last 1 year performance (p.a.) +14.9%	Last 3 year performance (p.a.) +18.64%	Last 5 year performance (p.a.) N/A	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $280	Go to site View details Compare product selectionCompare	loading
9.8 Excellent Vanguard MySuper - Lifecycle Age 48 NewLifestageHigher risk	9.8 Excellent	Last 1 year performance (p.a.) +7.34%	Last 3 year performance (p.a.) +13.29%	Last 5 year performance (p.a.) N/A	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $280	Go to site View details Compare product selectionCompare	loading
9.7 Excellent Virgin Money LifeStage Tracker Born 2014-2018 LifestageHigher risk	9.7 Excellent	Last 1 year performance (p.a.) +7.3%	Last 3 year performance (p.a.) +13.33%	Last 5 year performance (p.a.) +8.47%	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $358	Go to site View details Compare product selectionCompare	loading
9.7 Excellent Virgin Money LifeStage Tracker Born 1974-1978 LifestageHigher risk	9.7 Excellent	Last 1 year performance (p.a.) +7.31%	Last 3 year performance (p.a.) +13.35%	Last 5 year performance (p.a.) +8.43%	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $358	Go to site View details Compare product selectionCompare	loading
9.7 Excellent Virgin Money LifeStage Tracker Born 1979-1983 LifestageHigher risk	9.7 Excellent	Last 1 year performance (p.a.) +7.32%	Last 3 year performance (p.a.) +13.33%	Last 5 year performance (p.a.) +8.39%	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $358	Go to site View details Compare product selectionCompare	loading
9.7 Excellent Virgin Money LifeStage Tracker Born 1984-1988 LifestageHigher risk	9.7 Excellent	Last 1 year performance (p.a.) +7.26%	Last 3 year performance (p.a.) +13.27%	Last 5 year performance (p.a.) +8.4%	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $358	Go to site View details Compare product selectionCompare	loading
9.7 Excellent Vanguard MySuper - Lifecycle Age 47 and under NewLifestageHigher risk	9.7 Excellent	Last 1 year performance (p.a.) +7.59%	Last 3 year performance (p.a.) +13.6%	Last 5 year performance (p.a.) N/A	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $280	Go to site View details Compare product selectionCompare	loading
9.7 Excellent Hostplus Indexed Balanced Finder AwardIndustry fundHigher risk	9.7 Excellent	Last 1 year performance (p.a.) +7.59%	Last 3 year performance (p.a.) +12.42%	Last 5 year performance (p.a.) +8.01%	Last 10 year performance (p.a.) +8.56%	Fees on $50k balance (p.a.) $149	Go to site View details Compare product selectionCompare	loading
9.7 Excellent Virgin Money LifeStage Tracker Born 1989-1993 LifestageHigher risk	9.7 Excellent	Last 1 year performance (p.a.) +7.24%	Last 3 year performance (p.a.) +13.2%	Last 5 year performance (p.a.) +8.38%	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $358	Go to site View details Compare product selectionCompare	loading
9.7 Excellent Virgin Money LifeStage Tracker Born 1994-1998 LifestageHigher risk	9.7 Excellent	Last 1 year performance (p.a.) +7.19%	Last 3 year performance (p.a.) +13.11%	Last 5 year performance (p.a.) +8.34%	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $358	Go to site View details Compare product selectionCompare	loading
9.7 Excellent Hostplus International Shares Industry fundHigher risk	9.7 Excellent	Last 1 year performance (p.a.) +13.29%	Last 3 year performance (p.a.) +17.07%	Last 5 year performance (p.a.) +8.95%	Last 10 year performance (p.a.) +11.49%	Fees on $50k balance (p.a.) $484	Go to site View details Compare product selectionCompare	loading

Showing 16 of 141 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 September 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

Frequently Asked Questions

Not all super funds have lost money, but some may have experienced negative returns during periods of market volatility, such as during economic downturns or financial crises. Super funds with high exposure to equities or other volatile assets might see losses in such periods, while more conservative funds with higher allocations to bonds or cash might perform better.
Failing super funds in Australia are typically those that consistently underperform, have high fees, or fail the annual performance test conducted by the Australian Prudential Regulation Authority (APRA). Super funds that fail this test may be forced to notify their members, and consistent underperformance could lead to fund closure. APRA publishes a list of underperforming funds annually, so it's important to check these reports and consider switching to a better-performing fund.
Every super fund you have charges fees, so having more than one fund means you're paying extra fees for no reason. While some fees and costs are calculated based on your balance, most funds also charge a flat fee of $5 to $15 per month. If you have more than one account, you're paying those flat fees multiple times, which eats into your retirement balance. You can consolidate your funds easily and quickly online.
Colonial First Super has had some issues over the years, including a class action lawsuit, penalties for misleading members and extra license conditions imposed by APRA.
However, it has not failed APRA's performance test. As of May 2026, Colonial First's average fees are competitive and its super fund products have recorded 10-year returns in the 7–8% range.
Switching to a better fund will likely save you money through lower fees and better returns. And there's no cost for exiting a super fund (for most funds).
While it's not a direct financial cost, changing super funds will affect your life insurance cover, assuming you have life insurance cover in your super. The new fund may have different cover than your old one, which could change how much you pay in premiums or any potential payouts.

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.

Thank you for your feedback!

Written by

Richard Whitten

Senior Money Editor

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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

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18 Responses

TRishMarch 16, 2026

my husband and I have a super account each with NorthAMP. My husband is 81 and I am 77 and I am still working full time in our daughter’s law practice, my husband working part time there. We both are paid and super guarantee is paid each week into our accounts. In the past couple of years we drew down most of our super to pay off mortgage on investment property and other things. About a year ago we withdrew most of the accounts to put in a term deposit as the super was earning nothing. We recently wanted to draw some more which would leave about 3000.00 in each account. We were told we have to keep it above 10,000 in each account – we do not have the cash to do this and we will both be working at least til the end of this year and therefore super payments have to go somewhere. We were told by our accountant today that we should switch it to a pension account and then we could draw it out whenever we wanted to.
We obviously need a super account somewhere can you recommend one please

Finder

SarahMarch 17, 2026Finder

Hi Trish,

We’re not licenced to give personal financial advice; perhaps your accountant can make a suggestion tailored to your situation? More generally, we can offer guidance based on our 2026 research, which shows the best super funds for retirees often include Australian Retirement Trust, AustralianSuper and Hostplus for their strong, long-term balanced performance and low fees. Key options include Hostplus Pension – Conservative Balanced for balanced stability and Aware Super Retirement Income for high-growth options. You can learn more about these funds here. Hope this helps!

jayOctober 19, 2025

looking at starting to draw down my super.
the compulsory 6% is more than I need, when added to my investment income.
Should I split the Balance and draw down enough in pension that would suit my needs and leave the balance in its current state

Finder

SarahOctober 22, 2025Finder

Hi Jay,

We’re not licensed to give personal financial advice, but most super funds have in-house financial advisors who can give you a bit of guidance on the best ways to draw down your super. We suggest you get in touch with them directly for support. All the best with it!

colletteMarch 25, 2025

i have 2 superfunds one says it has insurance and the other does not have insurance which is best

Finder

AlisonMarch 25, 2025Finder

Hi Collette,
Whether or not you want to have insurance in your super is a personal decision, and could be based on factors such as your age, your job, your income, your family situation and if you have any insurance outside of super. It’s best to speak with a financial advisor to decide what’s best for you. However, it is generally recommended to consolidate super funds if you’ve got more than one so you’re not wasting money paying multiple sets of fees.
Thanks,
Alison.

BenjiMarch 1, 2025

Is there much risk involved in having a SMSF if I get a professional to set it up for me?
Is there any risk that I could lose all my money through it?

Finder

AngusMarch 3, 2025Finder

We can’t offer specific advice and there’s no guarantee of growth with any former of super. Setting up an SMSF but getting someone else to run it for you sounds like a lot of work – and how well that works would depend on the adviser you selected. Typically SMSFs benefit from a hands-on approach – if that’s not you, then using a more traditional fund might make more sense.

DaleOctober 1, 2023

My super fund on 11th September I owned 8056877610 units at 5.2094.Then on the 24th September I owned 8087927837 units at 5.2094.Then on the 30th of September I owned 8082022429 units at 5.1832.My question is I am contributing all the time this is the second time my units have gone down how can this happen I understand the unit price goes up and down but the units I buy should go up?

Finder

ElizabethOctober 5, 2023Finder

Hi Dale,

This question would be best directed to your super fund as they would be able to explain the performance of your fund, fees, insurance, etc.

Hope this helps,

Elizabeth

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Worst performing super funds in Australia

Here are the super funds that have failed APRA's 2026 performance test.

Key takeaways

The worst performing super funds in Australia in 2026

Worst performing super funds of past years

How does APRA select the worst super funds?

What happens if a fund fails APRA's performance test?