Choosing the right superannuation fund is a crucial financial decision. The YourSuper comparison tool is designed to help you compare super funds effectively based on their performance. This guide will explain how to access and utilise this tool, available in both personalised and non-personalised versions, to make informed choices about your superannuation.
Note: The Australian Taxation Office (ATO) provides this tool for informational purposes only and does not offer financial advice. For advice tailored to your specific situation, it is recommended to seek independent financial, legal, or taxation counsel. Resources for finding qualified financial advisors are available on the Moneysmart website.
Accessing the Personalised YourSuper Comparison Tool
For a tailored experience that includes your existing MySuper products, the personalised version of the tool is ideal. Here’s how to access it:
- Log in to ATO online services via myGov.
- Navigate to the Super drop-down menu.
- Select Information.
- Choose YourSuper comparison.
Accessing the Non-Personalised YourSuper Comparison Tool
If you prefer a general comparison without linking your personal superannuation information, the non-personalised version is readily accessible. Simply click on the button below to launch the tool.
Non-personalised YourSuper comparison tool
Key Features of the YourSuper Comparison Tool
The YourSuper comparison tool offers several functionalities to assist you in evaluating and comparing superannuation funds:
- Performance Ranking: It presents a table of MySuper products ranked by net returns, updated quarterly, providing a clear view of fund performance.
- Detailed Comparison: The tool allows you to select and compare up to four MySuper products side-by-side for a more in-depth analysis.
- Direct Access to Fund Websites: By selecting a MySuper product from the table, you can directly link to the super fund’s website for comprehensive information.
- Personalised View (Personalised Version): When accessed through myGov, the tool can display your current superannuation accounts alongside other MySuper products for easy comparison against your existing funds.
- Super Consolidation Links: The tool provides resources and links to help you consolidate your super accounts, potentially simplifying your superannuation management.
The performance data within the comparison tool is sourced and compiled by the Australian Prudential Regulation Authority (APRA), ensuring reliable and consistent information.
APRA conducts annual performance assessments of each MySuper product, categorizing their investment performance as:
- Performing: The product has met or surpassed the established performance benchmark.
- Underperforming: The product has not achieved the performance benchmark.
- Not assessed: The product lacks seven years of performance history and has not yet been evaluated by APRA.
Implications of Underperformance
A significant feature of the YourSuper comparison tool is its highlighting of underperforming funds. If a MySuper product is deemed underperforming for two consecutive years, it faces restrictions:
- Restriction on New Members: These products are prohibited from accepting new members until their performance rating improves to “performing.” While they may still appear in the YourSuper comparison tool, new individuals cannot join them. Existing members are unaffected and can still choose these funds when selecting a super fund with their employer.
- Impact on Default Fund Status for Employers: Employers using consecutively underperforming MySuper products as their default fund must select a different default option for new employees who are not already members of that underperforming product.
- Fund Restrictions: Funds with MySuper products underperforming for two years straight are legally restricted from accepting new members into those specific products.
How to Effectively Use the YourSuper Comparison Tool
Customising the Comparison
The non-personalised version of the YourSuper comparison tool starts with a default super balance of $50,000. To tailor the results to your circumstances, you can:
- Adjust the Balance and Age: Click the Filter button to modify the default super balance and input your age. This refines the results to display more relevant product options and fee structures based on your age and balance.
Detailed Fund Comparison
To delve deeper into specific funds, you can:
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Shortlist Funds: Select up to four superannuation products to shortlist for a more detailed comparison.
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Compare Key Metrics: Click the Compare button to view a comprehensive side-by-side comparison, including:
- Investment performance metrics (Past 10, 5, and 3 year net returns)
- Total annual fees
- Investment strategy
- Restricted fund status
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Access Product Details: The Product details link will redirect you to the specific super fund’s website, providing access to extensive information about that particular MySuper product.
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Utilise the ‘Find MySuper product’ Search: You can ‘pin’ up to six MySuper products to the top of the results list using this search function. The search results will exclusively feature MySuper products.
Understanding MySuper Products
MySuper products are designed as straightforward superannuation accounts, offering essential features and reasonable fees. The YourSuper comparison tool is specifically designed to compare these MySuper products based on key differentiating factors.
It’s important to note that super funds often offer a range of product types beyond MySuper, known as ‘choice’ products. If you cannot locate your current account within the MySuper products list, it may be a different type of superannuation product. Contact your super fund directly to confirm if your account is classified as a MySuper product.
If a super fund is not listed in the tool, it might be because they do not offer any MySuper products.
Making Informed Superannuation Choices
Most individuals have the right to choose where their employer contributions are directed. Making an active choice about your super fund offers significant advantages:
- Selecting a Fund that Suits You: You can align your superannuation with a fund that meets your personal financial goals and preferences.
- Avoiding Multiple Accounts: Choosing your existing fund prevents the unintentional creation of additional superannuation accounts when starting new employment.
Key factors to consider when choosing a superannuation fund include:
- Performance History: Review the fund’s historical returns.
- Fees: Understand the fee structure and ensure it is competitive.
- Insurance Options: Assess the available insurance coverage within the fund.
- Investment Options and Services: Consider the range of investment choices and member services offered.
The YourSuper comparison tool is a valuable resource for gathering information on MySuper products that align with your needs. For a broader view of all superannuation products offered by a specific fund, visit the fund’s website.
Seeking advice from a financial advisor can also be beneficial in making complex superannuation decisions. Moneysmart provides resources on choosing a super fund.
After using the YourSuper comparison tool, consider the next steps:
- Contact the Super Fund: Reach out to the fund to open an account or inquire about insurance and other features.
- Consolidate Super Accounts: If you have multiple accounts, consider consolidating them. Information on this process is available at Transferring or consolidating your super.
- Notify Your Employer: Use the Superannuation standard choice form to inform your employer of your chosen super fund.
