Australia's largest superannuation fund in terms of members, REST, has been awarded the SuperRatings Fund of the Year for 2010, putting a stop to Hostplus's three-year winning streak.

"At a time when we have experienced some of the worst financial markets ever, REST's long-term investment strategy has clearly been shown to deliver sound relative benefits to members," SuperRatings founder Jeff Bresnahan said at the ceremony in Melbourne this week.

"When one adds to this their significantly enhanced insurance structures and their continued low fee base, REST is clearly delivering excellent value for money to its huge membership base."

REST also received the SuperRatings 7 Year Platinum Performer award and is one of only five funds to have ever achieved seven platinum ratings, the others being AustralianSuper, HESTA, MTAA Super and Sunsuper.

The Best New Product went to AMP Flexible Lifetime Super Easy, which is the first non-commission product offered by AMP.

According to SuperRatings, this reflected a cultural change for AMP.

Industry fund ESSSuper grabbed the Rising Star award for the development of its services to members. This award was shared by Auscoal Super and netwealth last year.

Sunsuper took home the Pension Fund of the Year for the second year running.

Bresnahan said Australians were fortunate to have an "excellent retirement savings system".

However, he said Australians should actively avoid the funds that "offer little relative value".