Australian Super Fund Comparison Guide 2025
IntuitiveCalc Team
Financial Content Specialist
Your super fund choice can make a difference of hundreds of thousands of dollars to your retirement savings. With over 170 super funds in Australia managing more than $3.9 trillion, choosing the right fund requires careful comparison of fees, performance, insurance, and features.
Key Takeaways
- A 0.5% difference in fees can cost you $100,000+ over a career
- Past performance doesn't guarantee future results but 10-year returns matter
- Default insurance may not suit your needs - check coverage and cost
- Industry funds typically outperform retail funds on average
- Consolidate multiple super accounts to save on fees
Understanding Types of Super Funds
Before comparing specific funds, understand the different categories available to Australian workers:
| Fund Type | For Profit? | Typical Fees | Best For |
|---|---|---|---|
| Industry Funds | No (member-owned) | 0.5%-1.0% | Most workers |
| Retail Funds | Yes (for shareholders) | 0.8%-1.5% | Those wanting advisor access |
| Public Sector Funds | No | 0.4%-0.8% | Government employees |
| Corporate Funds | No | 0.3%-0.7% | Large company employees |
| SMSF | N/A (self-managed) | Variable | Balances $500K+ |
Top Performing Super Funds 2024-25
Based on APRA data and independent research, here are the leading super funds by investment performance:
| Fund Name | 10-Year Return | 5-Year Return | 1-Year Return | Total Fee* |
|---|---|---|---|---|
| AustralianSuper | 8.7% p.a. | 7.2% p.a. | 9.1% | $527 |
| Hostplus | 8.5% p.a. | 7.0% p.a. | 8.8% | $477 |
| UniSuper | 8.4% p.a. | 6.9% p.a. | 9.3% | $407 |
| Rest Super | 8.2% p.a. | 6.8% p.a. | 8.5% | $539 |
| Cbus | 8.1% p.a. | 6.7% p.a. | 8.2% | $487 |
| HESTA | 8.0% p.a. | 6.6% p.a. | 8.7% | $517 |
| Aware Super | 7.9% p.a. | 6.5% p.a. | 8.4% | $497 |
*Total fees on $50,000 balance, balanced option. Data as of December 2024.
Important Warning
Past performance is not a reliable indicator of future performance. Always consider long-term (10+ year) returns rather than short-term results when comparing funds.
Understanding Super Fund Fees
Fees significantly impact your final retirement balance. Here's what to look for:
Types of Super Fund Fees
Administration Fee
Fixed dollar amount or percentage for running your account. Ranges from $50-$200/year or 0.1%-0.5% of balance.
Investment Fee
Cost of managing investments. Typically 0.3%-0.9% of balance, varies by investment option selected.
Indirect Cost Ratio (ICR)
Hidden costs within investments. Can add 0.1%-0.5% to total fees. Check your Product Disclosure Statement.
Insurance Premiums
Not technically a fee, but deducted from your balance. Can range from $5-$50+/week depending on coverage.
Fee Impact Calculator
See how fees affect your retirement savings over time:
| Starting Balance | Total Fee | After 10 Years* | After 20 Years* | After 30 Years* |
|---|---|---|---|---|
| $50,000 | 0.5% | $106,070 | $224,950 | $477,030 |
| $50,000 | 1.0% | $100,630 | $202,500 | $407,310 |
| $50,000 | 1.5% | $95,440 | $182,150 | $347,500 |
| Difference (0.5% vs 1.5%) | +$10,630 | +$42,800 | +$129,530 | |
*Assumes 8% gross return, $10,000/year contributions. For illustration only.
Critical Impact
A 1% difference in fees can cost you $129,530 over a 30-year career. Always compare total fees including hidden costs and indirect charges.
Comparing Super Fund Insurance
Most super funds include default insurance coverage. Here's how to compare:
Default Insurance Coverage Comparison
| Fund | Death Cover (30yo) | TPD Cover (30yo) | Income Protection | Weekly Premium |
|---|---|---|---|---|
| AustralianSuper | $164,000 | $164,000 | Optional | $3.20 |
| Hostplus | $200,000 | $200,000 | 75% of salary | $4.80 |
| Rest Super | $79,000 | $79,000 | Optional | $2.10 |
| HESTA | $197,000 | $197,000 | 90 day wait | $5.20 |
| Cbus | 4x salary | 4x salary | 85% for 2 years | $4.40 |
Default cover for standard members. Actual premiums vary by age, occupation, and cover level.
Insurance Considerations
Advantages of Super Insurance
- Premiums paid from super, not take-home pay
- Group rates often cheaper than retail
- Automatic acceptance without medical checks
- Easy to manage alongside super
Disadvantages
- Reduces retirement savings
- May have restrictive definitions
- Cover reduces with age automatically
- Multiple accounts = multiple premiums
Investment Options Comparison
Super funds offer various investment options suited to different risk tolerances and time horizons:
Standard Investment Options
| Option | Growth Assets | Risk Level | Expected Return | Best For |
|---|---|---|---|---|
| High Growth | 90-100% | Very High | CPI + 4.5% | 20+ years to retirement |
| Growth | 75-85% | High | CPI + 3.5% | 15+ years to retirement |
| Balanced | 60-70% | Medium-High | CPI + 3% | 10+ years to retirement |
| Conservative Balanced | 40-50% | Medium | CPI + 2% | 5-10 years to retirement |
| Conservative | 20-30% | Low-Medium | CPI + 1.5% | <5 years to retirement |
| Cash | 0% | Very Low | CPI + 0.5% | Short-term, capital protection |
Pro Tip: Lifecycle Options
Many funds now offer "lifecycle" or "lifestage" options that automatically adjust your investment mix as you age. These can be convenient but may not suit everyone's situation. Review the glide path to ensure it aligns with your retirement plans.
Industry-Specific Super Funds
Some funds cater to specific industries with tailored benefits:
Healthcare Workers
HESTA - Australia's largest super fund for health workers
- Income protection designed for shift workers
- TPD definitions suited to healthcare roles
- Financial advice tailored to healthcare careers
Construction & Trades
Cbus - Building and construction industry fund
- Insurance covers physical trade work
- Portable long service leave integration
- Income protection for manual workers
Hospitality & Retail
Hostplus - Hospitality, tourism, recreation industries
- No minimum account balance
- Insurance suits casual workers
- Strong performance in indexed options
Education Sector
UniSuper - Universities and higher education
- Defined benefit option for some members
- Excellent investment returns
- Comprehensive pension products
How to Switch Super Funds
Switching funds is straightforward but requires careful consideration:
Step-by-Step Switching Process
- 1 Research and Compare
Use APRA's comparison tool and fund websites to compare fees, performance, and features.
- 2 Check Your Insurance
Review insurance in your current fund. New fund may require health checks or have exclusions.
- 3 Join New Fund
Complete online application with new fund. Provide Tax File Number for tax efficiency.
- 4 Consolidate Via MyGov
Link your myGov to ATO to view all super accounts and transfer funds easily.
- 5 Notify Your Employer
Complete a Standard Choice Form to direct future contributions to your new fund.
Before You Switch - Check These
- Will you lose defined benefit entitlements?
- Are there exit fees on your current fund?
- Will insurance premiums increase in new fund?
- Is there a waiting period for insurance in new fund?
- Will switching trigger capital gains events?
Super Fund Comparison Checklist
Use this checklist when comparing super funds:
Fund Comparison Criteria
Performance (Weight: 30%)
- 10-year returns vs benchmark
- Consistency of returns across market cycles
- Performance net of all fees
Fees (Weight: 25%)
- Total fees on your balance size
- Hidden costs and indirect charges
- Buy/sell spreads on transactions
Insurance (Weight: 20%)
- Cover amount vs premiums
- Policy definitions (especially TPD)
- Income protection terms
Investment Options (Weight: 15%)
- Range of options available
- Ethical/sustainable investing
- Ability to customize allocation
Service & Features (Weight: 10%)
- Online tools and mobile app
- Financial advice access
- Retirement planning support
Ethical and Sustainable Super Options
Growing demand for responsible investing has led to more ethical super options:
| Fund / Option | Excludes | 10-Year Return | Total Fee |
|---|---|---|---|
| Australian Ethical Super | Fossil fuels, weapons, gambling | 8.4% p.a. | $620 |
| Future Super | Fossil fuels, detention, tobacco | 8.1% p.a. | $647 |
| Aware Super - Socially Responsible | Tobacco, weapons, gaming | 7.8% p.a. | $529 |
| UniSuper - Sustainable | Fossil fuels, nuclear, tobacco | 8.0% p.a. | $445 |
Frequently Asked Questions
Can I have multiple super funds?
Yes, but it's usually not recommended. Having multiple accounts means paying multiple sets of fees and insurance premiums. Consolidate into one high-performing fund to maximize your retirement savings.
Is the default fund my employer chooses good enough?
Not always. While APRA's stapled super rules mean you keep your existing fund when changing jobs, your employer's default fund may have higher fees or lower returns than alternatives. Always compare and exercise your right to choose.
How often should I review my super fund?
Review your super at least annually. Check fees, performance, insurance, and investment options. Major life events (marriage, children, career change) should also trigger a review.
What's the difference between retail and industry funds?
Industry funds are not-for-profit and owned by members, often resulting in lower fees. Retail funds are for-profit entities owned by banks or financial institutions. Industry funds have historically outperformed retail funds on average.
Related Calculators
Disclaimer: This comparison is for general information only and is not financial advice. Super fund features, fees, and performance change over time. Data is believed to be accurate as of January 2025 but should be verified with the individual funds. Consider seeking advice from a licensed financial adviser before making decisions about your superannuation.