We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
Our free comparison tool can make comparing super funds much easier. Use our table to compare a range of leading super funds by looking at their past performance returns and annual fees. To maximise your investment, look for high performance figures and low fees. When you find one that suits, click Go to site and we'll take you securely to the fund's website.
As of last month, the super guarantee rate is officially 10.5% p.a. (up from 10% p.a.) This means your employer is required to pay you a bit more towards your superannuation this year, which is good news for workers.
Super funds published their performance returns for the last financial year last month. On average, most default balanced and growth funds made a slight loss due to big share market price falls and ongoing volatility. Indusrty funds Hostplus, AustraliaSuper, Australian Retirement Trust and Cbus remain the top-performers over the past decade.
ASIC is due to release its list of worst super funds in August too, which names the funds that have underperformed. We'll be keeping a close eye on this and will publish the reults when it's out.
This update was made by Alison Banney on 2 August 2022.
In a nutshell, a better super fund will help you retire with more money. The more money you have in your super, the more financially comfortable you'll be in retirement.
Even though super is compulsory, super funds aren't all the same. In fact, there are more than 100 super funds to choose from and they all charges different fees and invest your super in different ways. This is why some super funds have better long-term performance than others.
A lot of people simply stick with the super fund they were given when they first started working, even though they might not have chosen the fund themselves. If you do this, you could get stuck with a poor-performing fund for life, and retire with much less super than you could have otherwise had if you'd switched early on. Comparing super funds early on in your working life can save you thousands of dollars in fees and help you retire with a LOT more money.
A lot of people simply stick with the super fund they were given when they first started working, even though they might not have chosen the fund themselves. If you do this, you could end up with a poor-performing fund for life, and retire with much less super than if you'd switched early on. Not picking the right super fund means, you could miss out on the full benefits that superannuation funds can provide, like insurance cover. Comparing super funds early on in your working life can save you thousands of dollars in fees and help you retire with a LOT more money.
If your interested in knowing more about what a comfortable retirement looks like and how much super you should have, then have a read of our how much super should I have guide.
If you've recently compared and are already with a high-performing, low-fee fund, there's no need to switch. You can rest easy knowing your money is working as hard as possible.
We spoke to some industry experts for more inside tips on getting the most out of your super fund.
Noel Whittaker is a personal finance expert, author and journalist. 
"You should be looking to join a super fund which will be your friend for life, so as well as high performance, look at the range of options available in every aspect.
The more transparent the fund, and the more simple the process, the better it is. Make sure your account will be online so you can look at your fund and change strategies any time you wish."
Nicole Pederson-McKinnon is a personal finance expert, author and journalist.
"Your super needs looking after like your plants but, better still, you don't even have to supply the water... your employer does that! What you need to supply is the perfect growth conditions, which is easy.
You need a fund with low fees and a decent long-term track record, and you need to choose the investment option that is right for your age and risk appetite: the younger you are, the more growth assets you can safely hold. And a bit of extra water/money when you can afford it sure wouldn't hurt!"
Consider the following when you're comparing super funds in the comparison table above:
Or for a little bit more help, take a look at our picks of the best super funds to see if one of these is right for you.
You have 2 main choices to make with your super: choosing a super fund, then choosing the investment option within that fund.
These are the main types of super funds you can choose from:
When you join the fund you'll initially be placed in its default product option which is called the MySuper product (usually this is the balanced option). This is the standard super option that is designed to suit most members, and it's where the majority of Australians have their super invested.
The alternative super investment options are usually based around risk level, for example:
Some funds offer a pre-made ethical investment option too.
Alison Banney, superannuation editor
"You don't need to choose an investment option when you join a new fund if you don't want to. The default options are designed to suit most people, and many are among the top-performing funds each year. IF you do want to change your super investment option later, you can do this easily by logging in to your account online or via the fund's mobile app. "
Here's what to do before you switch funds, and steps on how to switch.
1. Choose a new fund. The comparison table above can help you choose a new super fund.
2. Join the new fund. Complete the online application form available on the fund's website.
3. Move your super into your new fund.Just enter the details of your previous fund when you submit the application form and the new fund will arrange for your balance to be transferred over - you don't need to do this yourself.
4. Let your employer know. Let your employer know right away so they can pay your next super guarantee payment to the correct fund.
If you need a bit more help, see our guide on how to change super funds for a detailed process.
The average super balance is $154,350. Compare your super balance against the average balance for your age group to see if yours is on track.
Find out how your super fund fared in our latest customer satisfaction survey and awards.
Superannuation has many benefits. It’ll help fund your retirement, but it also offers tax discounts, investment benefits and discounted insurance cover, too.
Spouse super contributions allow you to grow your partner’s super balance and also save money on tax. Here’s how spouse super contributions work.
Here’s a current list of the worst-performing super funds in Australia and steps for how to switch to a better fund.
Kogan Super offers 5 different investment options that each have low fees and mostly follow an indexed investment approach.
This guide explains how to devise a superannuation strategy that works for you and how to plan for further income in old age, and gives you tips for pulling it all together.
Superhero Super offers two different investment options which both give members more control over how their super is invested. Here's how the super account works.
Hi, I am trying to do a comparison with super fund fees. I notice that the examples shown only give fees based on a $50,000 balance. Do the fees percentage reduce for higher balances, for example $500,000 and above ?
Thanks, Philip.
Hello Philip,
Yes, we only compare the fees for $50k balances at this stage, as this is the balance tier used by all funds in their PDS documents for easy comparison with others. Some funds do reduce their fee percentage for larger balances, and some do not. The $50k fee balance is to be used as a guide.
You can see an itemized breakdown of the fund’s fees by looking at their PDS documents. We plan to introduce this comparison functionality soon, to allow people to compare the fees on different balances.
Thanks,
Alison
Where does Equip rank with the other super funds?
Hi Phil,
Thank you for getting in touch with Finder.
As of this writing, we do not have a review page about Equip Super. In one of their blogs in 2016, they were ranked 2nd in Australia for super transparency. Some of the most well known industry super funds include, AustralianSuper, HESTA, Sunsuper and Hostplus.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
My daughter is a member of 2 super funds. Both have insurance for death and TPD. Are both funds obliged to pay out in the case of death? She is looking at consolidation into one super fund as well in the future to save on fees and insurance costs.
Hi Gary,
Thank you for getting in touch with Finder.
Yes, she can receive payment from both policies if your daughter satisfy the conditions of both policies.
I hope this helps.
Thank you and have a wonderful day!
Cheers,
Jeni
I am 80 yo and not satisfied with the fees and retuins from my current super and am looking to change to an Inddustry fund and am looking at Hostplus , Aust super and Virgin . What do you suggest.
Hi Wayne.
Thanks for getting in touch! As each person has unique situations, we are not able to suggest one industry fund for you. Our page above shows a list of superfunds and as you have chosen your top 3, the next step you can take is review what they offer as well as their terms and conditions to make sure it fits your needs. To read about the brand, click their name and it will direct you to our review page about them and if you want to go directly to their page, you may search their brand name on any web browser. Hope this helps!
Best,
Nikki
I will be retiring in 3 months, and my superannuation is with a major bank. Can I move to an industry fund at the same time as I change from accumulation to pension phase?
Hi Grahame,
Thank you for getting in touch with Finder.
The pension phase or retirement phase is the period during which a super fund pays a superannuation income stream or pension, and the earnings (including capital gains) on those pension assets are exempt from tax. The alternative to a retirement phase is the accumulation phase (and earnings are subject to 15% earnings tax in the accumulation phase).
You can move your superannuation to an industry fund and just verify with them if you can have it to a pension phase.
You may want to go through our guide to learn more about choosing the right super fund.
I hope this helps.
Please feel free to reach out to us if you have any other inquiries.
Thank you and have a wonderful day!
Cheers,
Jeni