In its inaugural rating of superannuation funds research house Canstar Cannex has awarded five stars to 10 super funds available directly to consumers in the market.
The top ranking funds comprised a mixture of retail and industry offerings and were rated on more than performance alone.
Those superannuation funds that received five stars were AGEST Super Personal, AMIST Super Personal, AMP Flexible Super, AustChoice Super Personal, Esi Super Personal Plan, First State Personal Super, IOOF Pursuit Select Personal, MLC Master Key Super & Pension Fundamentals, RecruitmentSuper Select Super, and Sunsuper Solutions.
“We strongly believe the value of a superannuation product depends largely on how the consumer uses it and that’s what makes our comparison different – it guides you through the steps to the superannuation products that may suit your individual needs at different stages of your life,” Canstar Cannex head of research Steve Mickenbecker said.
“Some point at fund performance as an indicator of investment success but while this is, of course, an important contributor to the size of your retirement nest egg, no-one can guarantee a fund manager can continue to deliver exceptional results from one year to the next,” he said.
“That’s why we have chosen not to award five stars on performance alone.”
Canstar Cannex’s assessment of superannuation funds also revealed consumers using financial planners to help them with their retirement savings goals were very pleased with the advice they received.
“Levels of satisfaction with this advice were very high – over 87 per cent,” Mickenbecker said.
“This shows that advice really is worth it to people who care about making the most of their superannuation money,” he said.
The study also showed fees charged was the main factor that led to member dissatisfaction with super funds.
The Canstar Cannex study included 70 funds in its assessment and took into account the range of up to 80 features for each product.
