After reviewing the investments, fees, insurance, administration, advice and governance of 600 super products, SuperRatings found Telstra Super is the “best overall fund for members in the accumulation phase” while REST Pension was the best for members in the retirement phase.
SuperRatings chief executive Adam Gee said Telstra Super has invested heavily in administration and member education and advice services are “strongly assessed”.
“All of [these areas] have proven challenging for a number of Telstra’s peers,” Mr Gee said. “Whilst the fund is only open to employees of Telstra and their immediate families, we had to recognise its performance as a clear standout of the industry.”
The research house also found, after a review of 170 products, REST pension – which has over 1.9 million members – was the “highest rated” fund for members in the retirement phase
SuperRatings founder Jeff Bresnahan said the analysis shows funds are becoming “increasingly competitive and sophisticated” in helping members achieve their retirement adequacy goals.
“This should be good news for all Australians, who are benefiting from the continued drop in fees and better access to advice and education services,” Mr Bresnahan said.
“Mainstream superannuation funds are, more than ever, delivering better value for money to everyday Australians who rely on them to accumulate their retirement savings.”
