Making informed decisions about your superannuation is crucial for your financial future. The YourSuper comparison tool is designed to help you assess and compare different super funds based on their performance. This guide will walk you through how to access and use this valuable tool, whether you want a personalized experience connected to your myGov account or prefer a non-personalized overview.
Accessing the Personalised YourSuper Comparison Tool
For a tailored experience that integrates with your existing superannuation accounts, the personalised version of the YourSuper comparison tool is the best option. By accessing it through your myGov account, you can directly compare your current MySuper products against others available. Here’s how to access it:
- Log in to ATO online services via myGovExternal Link.
- Navigate to the Super drop-down menu.
- Select Information.
- Choose YourSuper comparison.
Personalised YourSuper comparison tool on myGov
Alt text: Access the personalised YourSuper comparison tool through your myGov account to compare your existing super funds.
Accessing the Non-Personalised YourSuper Comparison Tool
If you prefer a general overview or do not want to link the tool to your myGov account, the non-personalised version is readily accessible. Simply click the button provided to launch the tool and begin your superannuation comparison journey.
Non-personalised YourSuper comparison tool
Alt text: Use the non-personalised YourSuper comparison tool for a general comparison of MySuper products without linking to your personal account.
Understanding the Functionality of the YourSuper Comparison Tool
The YourSuper comparison tool is a powerful resource designed to simplify the process of comparing MySuper products. Here’s a breakdown of its key features:
- Performance Ranking: It presents a table of MySuper products, ranked according to their net returns. This data is updated quarterly, ensuring you have the latest performance insights for your super comparison.
- Detailed Side-by-Side Comparison: The tool allows you to select and compare up to four MySuper products in detail simultaneously. This feature enables you to delve deeper into the specifics of each fund and make a more informed choice when you Compare Your Super options.
- Direct Access to Fund Websites: For each MySuper product listed, the tool provides direct links to the super fund’s website. This allows you to easily access comprehensive information and conduct further research as part of your super comparison process.
- Integration with Your Existing Accounts (Personalised Version): If you use the personalised version through myGov, the tool can display your current super accounts alongside other MySuper products. This integrated view is invaluable for understanding how your existing superannuation compares to other options.
- Super Consolidation Resources: The tool provides links and resources to help you consolidate your super accounts. Consolidating your super can simplify your financial management and potentially reduce fees, making it an important consideration when you compare your super.
The data presented in the YourSuper comparison tool is sourced and compiled by the Australian Prudential Regulation Authority (APRA). APRA also conducts annual performance assessments for each MySuper product, categorizing their investment performance as:
- Performing: The product has met or surpassed the performance benchmark set by APRA.
- Underperforming: The product has not met the performance benchmark.
- Not assessed: The product lacks sufficient performance history (less than 7 years) for APRA assessment.
Table showing MySuper product performance ratings: Performing, Underperforming, Not assessed Alt text: Understand MySuper product performance ratings: Performing, Underperforming, and Not assessed, as provided in the YourSuper comparison tool.
Implications of Underperformance Over 2 Consecutive Years
A critical feature of the YourSuper comparison tool and the APRA performance assessment is the consequence of a MySuper product being rated as underperforming for two consecutive years. Such products face restrictions to protect new members:
- Restriction on New Members: Underperforming products cannot accept new members until their performance rating improves to ‘Performing’. While they may still appear in the YourSuper comparison tool, new individuals cannot join them. This restriction extends to super transfers for individuals who are not already members. Existing members are not affected and can still choose these products when selecting a super fund with their employer.
- Impact on Default Fund Selection for Employers: Employers who use underperforming MySuper products as their default fund must select a different default option for new employees who are not already members of that fund.
- Fund Restrictions: Funds with MySuper products that underperform for two consecutive years are legally prohibited from accepting new members into those specific products.
Effectively Using the YourSuper Comparison Tool
Customising Your Super Comparison with Balance and Age Filters
The non-personalised version of the YourSuper comparison tool starts with a default super balance of $50,000. To tailor the results to your situation, you can adjust this value and input your age by clicking the Filter button. This customisation refines the displayed product options and fee information to be more relevant to your circumstances when you compare your super.
Detailed Comparison of Shortlisted Super Funds
To conduct a more in-depth superannuation comparison, you can select up to four super products. After shortlisting your preferred funds, click the Compare button to access a detailed comparison across several key metrics:
- Investment Performance: Understand how each fund has performed.
- Past Returns (10, 5, and 3 Years): Review historical net returns over different timeframes.
- Total Annual Fees: Compare the annual fees associated with each product.
- Investment Strategy: Evaluate the investment approach of each fund.
- Restricted Fund Status: Check if the fund has any restrictions.
Clicking Product details will direct you to the specific fund’s website for more detailed information. Additionally, the Find MySuper product search feature allows you to ‘pin’ up to six MySuper products to the top of the results list, streamlining your super comparison process to focus on your top choices.
Understanding MySuper Products in Your Super Comparison
MySuper products are designed as straightforward superannuation accounts with no unnecessary features or complex fee structures. The YourSuper comparison tool focuses on these MySuper products because they are fundamentally comparable based on key factors like performance and fees.
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 in the MySuper product list within the tool, it might be a choice product. To confirm if your account is a MySuper product, contact your super fund directly. Similarly, if your super fund is not listed in the tool at all, it might be because they do not offer any MySuper products.
Making an Informed Super Choice After Your Super Comparison
Most individuals have the right to choose where their employer contributions are paid. Choosing your own super fund is a significant step in managing your financial future. By using the YourSuper comparison tool, you are better equipped to make this choice.
Selecting a super fund that suits your needs ensures:
- Fund Alignment: You can choose a fund that aligns with your personal financial goals and risk tolerance.
- Avoidance of Multiple Accounts: Choosing your existing fund prevents unintentionally opening additional super accounts, which can lead to unnecessary fees and complexity.
Key factors to consider when choosing a super fund, especially after using the YourSuper comparison tool, include:
- Performance: Assess historical performance and future potential.
- Fees: Understand and compare fee structures.
- Insurance: Evaluate insurance options offered through the fund.
- Investment Options and Services: Consider the range of investment choices and member services available.
The YourSuper comparison tool provides valuable insights into MySuper products, helping you narrow down options based on your criteria. For a comprehensive view of all superannuation products offered by a fund, it’s recommended to visit the fund’s official website. Seeking advice from a financial advisor can also be beneficial for personalized guidance.
Following your use of the YourSuper comparison tool, consider these next steps:
- Contact the Super Fund: To open an account or discuss insurance and other features.
- Consolidate Super Accounts: If you have multiple accounts, consider consolidating them for easier management – resources for consolidation are available on the ATO website.
- Notify Your Employer: Use the Superannuation standard choice form to inform your employer of your chosen fund.
By leveraging the YourSuper comparison tool and understanding your options, you can take control of your superannuation and work towards a more secure financial future.
