Performance tables released by the Australian Prudential Regulation Authority (APRA) provide limited information for consumers, according to the Association of Superannuation Funds of Australia (ASFA).

Yesterday, the prudential regulator released its new fund-level performance data which covered a five year period from 2004 to 2008.

"The data generally only relate to investment returns up until 30 June 2008. Much has happened in investment markets since then," ASFA chief executive Pauline Vamos said.

Industry and government superannuation funds dominated the performance tables with 47 of the top 50 performing funds are not-for-profit funds.

Vamos said the funds at the top of the list generally have relatively few investment options and most money is invested in the default option.

"By comparison for more complex funds with multiple products and investment options, such as retail funds, the APRA return is a return for the total of all different investment options every member has chosen.

"It is not unexpected that these funds appear more towards the middle or lower part of the list."

Vamos said that various superannuation fund rating agencies provide more detailed and more current investment performance information to the media and the public than is contained in the information released by APRA.

She said information regarding the asset allocation of each fund would also assist in interpreting relative performance.

APRA's approach to releasing long-term data was supported by the Australian Institute of Superannuation Trustees chief executive Fiona Reynolds.

"Importantly the data recognises the long-term nature of superannuation with its focus on five year figures, rather than monthly or yearly performance which are of little relevant to super fund members and have the potential to lead to negative outcomes for members," she said.