Research firm Chant West has launched a pension research product, similar to its "apple" rating of superannuation funds. 

The Pension AppleCheck product compares pension products between commercial and not-for-profit funds.

Colonial First State (CFS) FirstChoice, CFS FirstChoice Wholesale and MLC were ranked in the top five pension product category including industry superannuation funds Agest and First State Super.

The not-for-profit funds, however, dominated the personal super category with AustralianSuper, Care Super, First State Super and Hostplus ranked in the top five. The commercial fund CFS was ranked three in personal super for its FirstChoice wholesale product. 

"Commercial funds rated better with their pension products, compared with their not for profit counterparts," the Chant West reported stated. "This is partly because of their superiority in member services, which in turn reflects their long experience in the allocated pension markets."

Asgard, BT, CFS, MLC and Sunsuper were ranked the top five funds in terms of member services.

The not-for-profit funds, as a group, were cheaper than the commercial funds dominating the top five category in terms of costs. These funds included Agest, First State Super, Just Super, QSuper and Unisuper.

Chant West uses the same methodology that applies to the research of personal superannuation funds, except that no insurance component is taken into account. Instead there is an emphasis on member services and fees.