Money reveals the Best Super Fund for 2023


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Aware Super was named Fund of the Year in Money's 2023 Best of the Best awards for one simple reason, according to Alex Dunnin, director of research at Rainmaker Information.

"It's Australia's most consistently strong super fund across the most categories. It won four categories outright and was shortlisted as a finalist in two more."

best of the best 2023 best super fund

Deanne Stewart, CEO of Aware Super, says that as one of Australia's largest profit-to-members super funds and the custodian of $150 billion in funds under management, everything it does is to benefit its members.

"This includes the products we offer, our help and advice services and our advocacy on important issues that will improve the lives and financial security of our 1.1 million members.

"We're keenly focused on how we can improve members' retirement outcomes at the same time as having a positive impact on society."

Aware SuperAware's outstanding investment capability is another distinguishing factor, says Stewart, and this is demonstrated by consistent outperformance against Rainmaker Lifecycle indexes over three, five, seven and 10 years.

"We empower our members through quality education, guidance and advice, and we do this online, over the phone and with face-to-face support. We have market-leading digital capability - our app, for example, has won three major design awards in as many years - so our members can engage with us how and when they want."Aware Super

"Aware Super is also one of Australia's most innovative investment leaders, for example, it's one of the super funds pioneering investments into low-cost social housing," Dunnin says.

"As one of Australia's most credentialled ESG leaders, it sets a high benchmark for transparency and explaining how it does things. And all this is on top of what it does as a superannuation policy advocate and to support its young members through its Student Club."

Aware Super

Engaging with its members and making them feel supported is important to Aware Super, Stewart says.

"We have a comprehensive financial education program that includes regional and workplace seminars, and we provide educational guides and calculators online.

"We offer a full range of advice services, from simple through to comprehensive advice, including specialist advice on estate planning and aged care."

Stewart says Aware uses its size to keep its fees competitive.

"We're working hard to further reduce fees for our members by increasing the proportion of assets we manage internally and using our scale to roll out new digital and administration services along with other initiatives to reduce member costs."

Currently, Aware manages more than 30% of its investments in-house and as well as its strategic and active asset allocation programs.

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jean garstang
December 7, 2022 5.02pm

Only last week i was reading that the best super fund this year was Host Plus

Whom to believe

Alex Dunnin
January 16, 2023 12.24pm

Hi Jean,

Thank you for your comment.

Rainmaker, publisher of Money magazine, has been operating since 1992. It is widely regarded as one of the leading financial services wealth management sector and superannuation researchers in Australia. Rainmaker pioneered the way superannuation is measured and benchmarked in Australia having developed the methodologies for how super fund performance is compared and displayed, the fee comparison Total Expense Ratio methodology, how group insurance can be measured and compared, methodologies for assessing ESG bona fides and methods to review super fund risk-adjusted performance credentials. All these methodologies are used by Rainmaker to assess super funds and their products each year in the annual Best of the Best award series.

Rainmaker awarded Fund of the Year to Aware Super because it won or was a leading finalist in the most categories. These categories spanned flagship categories and some minor ones. In the 2023 Money Best of the Best awards, Hostplus also won some awards. Indeed, Hostplus was a shortlisted finalist for fund of the year as well. However, because Aware Super's achievements across these award metrics was broader, more comprehensive and spanned more dimensions of superannuation high-achievement, the Rainmaker research team named Aware Super fund of the year.

To determine Money magazine's Best of the Best Fund of the Year, Rainmaker follows a holistic research approach purpose-built and designed to identify and recognise a fund or superannuation product that has done exceptionally well not only in the form of investment returns but as an overall offering to its members. These parameters span from investment performance (both short and long term) across default, diversified, single sector and multimanager investment options, fees and costs, insurance and other benefits and features. In doing so there were 33 award categories and Aware Super came out as the top fund across five of the core categories and finalist in others. Reflecting earlier comments in this response, it goes without saying that Hostplus is an impressively strong investment performer and demonstrating this they also won several Best of the Best awards, eg, best single strategy MySuper being one of them, and shortlisted in some major categories too. But Aware Super won the lifecycle MySuper award as well as other sector performance awards, fees and best value awards, and special purpose awards, eg, for younger members.

Aware Super also won some prestigious categories that Rainmaker chose not to publish this year so as to avoid repetition, eg, the award for ultra-long term performance.

Rainmaker is a strong supporter of both super funds. But Aware Super is the clear winner of the 2023 fund of the year award.

To produce these awards Rainmaker set criteria, methodologies, and research scope as these aspects vary depending on the category and dimension being assessed. To know more about how we choose our winners, please visit this page:

- Alex Dunnin

Director of Research


Bernie Laws
December 20, 2022 4.43pm

Not sure about Aware, they are the parent of Vic Super which since the merge has gone backwards. The new Vic Super app is diabolical with many components not working and multiple significant changes including: fund investment types, payment amounts and payment cycles implemented without advice. Even the complaint did not work, they have sent me the email requesting feedback on the response and: a) no response received yet and b) the feedback survey function does not work. How do I change pension funds?