The YourSuper comparison tool has been updated for 2022. This means that individuals can now compare MySuper products and choose a super fund that meets their needs. The tool ranks the performance of these products by fees and net returns.

APRA assesses the performance of each MySuper product every year, and this information is displayed in the comparison tool. This allows individuals to make informed decisions about their superannuation.

The comparison tool is a valuable resource for individuals who want to make sure their money is working hard for them. It is important to remember that super is a long-term investment, and the best way to grow your retirement savings is to choose a fund that meets your needs and has a history of strong performance.

The comparison tool provides one of the following results for each MySuper product :

Performing – the product has met or exceeded the performance test benchmark.
Underperforming – the product has not met the performance test benchmark.
Not assessed – the product had less than 5 years of performance history and has not been rated by APRA.

Members of underperforming MySuper products will receive updates to notify them of the underperforming status.

A MySuper product is no longer allowed to accept new members if it underperforms for two years in a row, until it is rated as performing. This has the following impacts:

Individuals cannot join these MySuper products. These products may still be selected in the YourSuper comparison tool.
Employers using any of these MySuper products as their default fund, will need to find a different default fund product for new employees who are not already members of that default fund.
Funds with MySuper products that underperform for two consecutive years, must not accept new members for that product.

If you have any questions about the YourSuper comparison tool, please contact us at SMG Accounting. We would be happy to help you understand how it works and how you can use it to make informed decisions about your superannuation. We are here to help you make the most of your retirement savings.