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 (TPDs) and 1 MySuper product.

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 TPDs, six failed for the first time and fived 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.
- 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 580 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.)
9.4 Excellent Aware Super High Growth Indexed NewIndustry fundIndexed investmentHigher risk	9.4 Excellent	Last 1 year performance (p.a.) +11.04%	Last 3 year performance (p.a.) +13.19%	Last 5 year performance (p.a.) N/A	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $162	Go to site View details Compare product selectionCompare	loading
9.5 Excellent Spaceship - GrowthX Higher risk	9.5 Excellent	Last 1 year performance (p.a.) +14.71%	Last 3 year performance (p.a.) +16.84%	Last 5 year performance (p.a.) +9.32%	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $559	Go to site View details Compare product selectionCompare	loading
9.2 Excellent UniSuper - High Growth Most LovedIndustry fundHigher risk	9.2 Excellent	Last 1 year performance (p.a.) +13.13%	Last 3 year performance (p.a.) +12.52%	Last 5 year performance (p.a.) +8.27%	Last 10 year performance (p.a.) +10.84%	Fees on $50k balance (p.a.) $391	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.) +14.15%	Last 3 year performance (p.a.) +16.97%	Last 5 year performance (p.a.) +12.55%	Last 10 year performance (p.a.) +13.24%	Fees on $50k balance (p.a.) $162	Go to site View details Compare product selectionCompare	loading
9.8 Excellent Hostplus - International Shares - Indexed Industry fundHigher risk	9.8 Excellent	Last 1 year performance (p.a.) +13.93%	Last 3 year performance (p.a.) +16.28%	Last 5 year performance (p.a.) +12.32%	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $154	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.) +11.99%	Last 3 year performance (p.a.) +12.7%	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 Virgin Money LifeStage Tracker Born 2014-2018 LifestageHigher risk	9.8 Excellent	Last 1 year performance (p.a.) +11.96%	Last 3 year performance (p.a.) +12.8%	Last 5 year performance (p.a.) +8.69%	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $358	Go to site View details Compare product selectionCompare	loading
9.8 Excellent Virgin Money LifeStage Tracker Born 1974-1978 LifestageHigher risk	9.8 Excellent	Last 1 year performance (p.a.) +11.92%	Last 3 year performance (p.a.) +12.83%	Last 5 year performance (p.a.) +8.66%	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $358	Go to site View details Compare product selectionCompare	loading
9.8 Excellent Virgin Money LifeStage Tracker Born 1979-1983 LifestageHigher risk	9.8 Excellent	Last 1 year performance (p.a.) +11.91%	Last 3 year performance (p.a.) +12.8%	Last 5 year performance (p.a.) +8.62%	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $358	Go to site View details Compare product selectionCompare	loading
9.8 Excellent Virgin Money LifeStage Tracker Born 1984-1988 LifestageHigher risk	9.8 Excellent	Last 1 year performance (p.a.) +11.83%	Last 3 year performance (p.a.) +12.73%	Last 5 year performance (p.a.) +8.64%	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $358	Go to site View details Compare product selectionCompare	loading
9.8 Excellent Virgin Money LifeStage Tracker Born 1989-1993 LifestageHigher risk	9.8 Excellent	Last 1 year performance (p.a.) +11.8%	Last 3 year performance (p.a.) +12.66%	Last 5 year performance (p.a.) +8.6%	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $358	Go to site View details Compare product selectionCompare	loading
9.8 Excellent Vanguard MySuper - Lifecycle Age 49 NewLifestageHigher risk	9.8 Excellent	Last 1 year performance (p.a.) +11.7%	Last 3 year performance (p.a.) +12.42%	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 Hostplus International Shares Industry fundHigher risk	9.8 Excellent	Last 1 year performance (p.a.) +19.52%	Last 3 year performance (p.a.) +16.8%	Last 5 year performance (p.a.) +9.02%	Last 10 year performance (p.a.) +12.2%	Fees on $50k balance (p.a.) $349	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.) +11.71%	Last 3 year performance (p.a.) +12.57%	Last 5 year performance (p.a.) +8.55%	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.) +12.29%	Last 3 year performance (p.a.) +12.99%	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 Super - LifeStage Tracker LifestageHigher risk	9.7 Excellent	Last 1 year performance (p.a.) +11.34%	Last 3 year performance (p.a.) +12.59%	Last 5 year performance (p.a.) +8.53%	Last 10 year performance (p.a.) N/A	Fees on $50k balance (p.a.) $358	Go to site View details Compare product selectionCompare	loading

Showing 16 of 127 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

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.

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

Add to Preferred Sources

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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Richard has written 794 Finder guides across topics including:

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18 Responses

RyanSeptember 20, 2023

Im 71 started 10 years ago a Balanced Superfund thru Westpac (which are on the Unperforming List)- they keep moving and changing company names on my Superfund -right now I think I’m in a Pension Fund. My fund has no movement or preformance in recent time. Im not sure how and when my superfund went from balanced to pension.My question is does a ‘pension fund’ just gets parked somewere with no movement or earnings until the fund runs out of money –
because thats how it seems to be playing out. Your explaination would be gratefully appreciated.

Finder

AlisonSeptember 21, 2023Finder

Hi Ryan, pension funds operate in different ways depending on how you’ve got it set up. I’d recommend you speak to the fund directly to understand how your account is set up, or alternatively a financial adviser can look at your super and pension account and make recommendations for you.
Thanks,
Alison.

jacqueSeptember 7, 2023

I currently have an Allocated Pension which isn’t perfforming. Can i withdraw and change to a super account if I am 80 yrs old

Finder

AlisonSeptember 8, 2023Finder

Hi, there are limits that restrict you from opening and making contributions to a super fund after you’re 75. I’d suggest you speak with a financial adviser who can offer advice based on your personal situation.

JohnAugust 29, 2023

Is it normal that my total amount of employer super contributions over the past 10 years is more than the amount that my super balance has increased in 10 years?

Finder

AlisonAugust 31, 2023Finder

Hi John, this depends on a number of factors including what investment option you’re in, how your fund has performed, what your insurance costs and other fees are. I’d suggest speaking with a financial adviser who can give you personal advice on your super.

emilioApril 24, 2023

I currently am receiving my monthly super payments but I am not able to get help from my super fund as to how to invest and I lost a considerable amount in 2022. I need independent advice. Someone to look at my portfolio and direct me. My Super is currently One Path. Insignia Financial.

Finder

SarahApril 25, 2023Finder

Hi Emilio,

We are not licenced to provide personal financial advice regarding your superannuation investments. It might be worth contacting a financial planner for advice, and we also recommend contacting your super fund – if they can’t offer personal advice, they should be able to give you some guidance on your options.

Hope this helps!

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Worst performing super funds in Australia

Here are the super funds that have failed APRA's 2025 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?