Australia's top super products revealed

Rainmaker Information's assessment of superannuation products shows that 56 super funds boast at least one AAA-rated product, down from 66 last year.

The AAA Quality Rating from Rainmaker (publisher of Money) evaluates superannuation products on performance, costs, insurance, organisational strength, and additional services like financial planning.

Equipsuper led with eight AAA-rated products each. Commonwealth Superannuation Corporation followed with seven AAA-rated products, while Prime Super and Hostplus have six AAA-rated products.

Meanwhile, Aware Super, Commonwealth Superannuation Corporation and UniSuper each have five top-rated offerings. Australian Retirement Trust, AustralianSuper, Cbus, Mercer Super Trust, Rest Super, Super SA, and VicSuper, each had four AAA-rated products.

Also notable, MyNorth, Brighter Super and Acclaim Wealth had new products with AAA ratings for the first time in 2023.

Of the 392 products available in the market, 158 passed all the benchmarks to receive a AAA-rating.

The 158 AAA-rated products consist of 68 workplace products (43%), 36 personal products (23%), and 54 retirement products (34%).

Retail super funds accounted for 28% of AAA-rated products, with not-for-profits, including industry funds, public sector funds, and corporate funds making up the remaining 72%.

In the last 12 months, the pool of super funds decreased to 149 from 173.

This article first appeared on Financial Standard

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