UniSuper MySuper — results are in
Every year we’re required to assess the performance of our MySuper product, to ensure it continues to promote the financial interests of our members. After assessment for the year that ended 30 June 2023, we found that it does promote our members’ financial interests.1
MySuper is our Balanced—and the default—investment option for our Accumulation 1, Accumulation 2 and Personal Account products, as well as the accumulation component of our Defined Benefit Division product.
How we shaped up
Our Balanced (MySuper) investment option has passed the assessment and we've determined that it promotes our members’ financial interests.
We assessed two key areas of our Balanced (MySuper) investment option, as prescribed by law:
- How we compare on fees and returns (Comparison matters)
- Other member benefits (Assessment factors).
Fees and returns
We used public data from the Australian Prudential Regulation Authority (APRA) to compare the performance of our Balanced (MySuper) investment option with other default options in the industry. Results show that our members have benefited from both low fees and a record of strong long-term investment returns, with a MySuper risk profile comparable to our peers.*
Lower fees^
Our Balanced (MySuper) investment option has some of the lowest fees in the industry. Based on APRA’s data, our fees for a member with a $50,000 account balance were lower than most other comparable products (based on similar risk profiles).
Our fees and costs are lower than the industry average.
This graph shows UniSuper's annual fees and costs compared to the industry average, with a $50,000 account balance.^
Source: APRA Quarterly MySuper Statistics, June 2023.
Strong long-term returns#
UniSuper’s Balanced (MySuper) investment option outperformed the industry average over one, three and five years to 30 June 2023 — based on data sourced from APRA.
For the latest fees and return comparisons, use the Australian Taxation Office’s YourSuper comparison tool.
5-year investment return
This graph shows UniSuper's 5-year investment return compared to the industry average.*
Source: APRA Quarterly MySuper Statistics, June 2023.
3 year investment return
This graph shows UniSuper's 3-year investment return compared to the industry average.*
Source: APRA Quarterly MySuper Statistics, June 2023.
1 year investment return
This graph shows UniSuper's 1-year investment return compared to the industry average.*
Source: APRA Quarterly MySuper Statistics, June 2023.
Other member benefits
Members first
As an industry fund, our members are at the heart of all we do.
We don't pay our advisers commissions, and we don't pay shareholders dividends. We review our fees annually, across member groups, to ensure these remain fair and competitive.
Scale and efficiency
With $127 billion total assets in funds under management as of 30 June 2023, you benefit from the scale of one of the largest super funds in Australia.2
We also manage over 70% of assets in-house. This allows us to deliver lower fees and greater value for our members.
Investment strategy
We review the investment strategy for our options regularly, to check that the level of investment risk and the return target are appropriate.
For the financial year that ended 30 June 2023, we determined that the investment strategy for our products was appropriate for members in those products.
We’ve also passed the annual APRA performance test for our MySuper product. UniSuper’s default Balanced (MySuper) product topped the MySuper list, with the highest performance test metric result for a public offer fund – based on the methodology APRA applies for the performance test.
Responsible investing
We consider environmental, social and governance (ESG) factors across our major investments.
As a large investor, we’re able to engage with our major investments on issues that matter to us.
We offer members the choice of three dedicated sustainable and environmental branded options, which have been certified by the Responsible Investment Association Australasia (RIAA).3 *
Insurance
We insure a lot of members, so we negotiate premiums at bulk rates, rewarding you with lower premiums.
Based on an assessment of members' needs, we’re satisfied that, overall, our insurance strategy is appropriate, and our premiums are affordable.
Tools and information
We have great resources to help you manage and compare your super, including online tools, retirement calculators, investment update videos, in person seminars, podcasts and webcasts.
Online account
Financial advice
Join an award-winning fund
We’re known as one of Australia’s best super funds for our record of strong long-term investment performance.* We’re proud to be consistently recognised as an award winning fund. 4
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Things you need to know
1 Compare UniSuper with other super funds.
2 4th largest fund by total assets under management as of 30 June 2023. Source: APRA Annual Fund-Level Superannuation Statistics.
3 Read our website to find out what sustainable and environmental investing means to us and what our investment options can invest in. Different products have different approaches. The Responsible Investment Certification Program does not constitute financial product advice. Neither the Certification Symbol nor RIAA recommends to any person that any financial product is a suitable investment or that returns are guaranteed. Appropriate professional advice should be sought prior to making an investment decision. RIAA does not hold an Australian Financial Services Licence.
4 Money magazine Best Pension Fund 2023 and 2024. Chant West Super Fund of the Year 2023 — Zenith CW Pty Ltd ABN 20 639 121 403 AFSL 226872/AFS Rep No. 1280401 Chant West Awards issued 17 May 2023 are solely statements of opinion and not a recommendation in relation to making any investment decisions. Awards are current for 12 months and subject to change at any time. Awards for previous years are for historical purposes only. Full details on Chant West Awards at chantwest.com.au.
* Past performance is not an indicator of future performance
Consider the Product Disclosure Statements (PDS) and Target Market Determinations (TMD) on our website and your circumstances before making decisions, because we haven't.~ Ranking is based on APRA Quarterly MySuper Statistics
Ranking is based on APRA Quarterly MySuper Statistics comparing UniSuper to other funds’ MySuper options with a similar risk profile (i.e., growth assets, around 61-80%), as determined using the Chant West Member Outcomes Dashboard. For this comparison, UniSuper has removed or relied on alternative data sources where APRA data contained data quality errors (e.g. MySuper options which had 1 out-dated product, 3 products with incorrect fee data).Year that ended 30 June 2023 MySuper total fees with a $50,000 account balance UniSuper UniSuper’s Fees and Costs were $336 Industry average The industry average for Fees and Costs was $460 Rank UniSuper ranked 2nd out of 56 similar products~ MySuper fees | Source: APRA Quarterly MySuper Statistics, June 2023 Period that ended 30 June 2023 Investment returns (similar risk profile) 1 year (% p.a.) 3 years (% p.a.) 5 years (% p.a.) UniSuper UniSuper’s return was 10.13% UniSuper’s return was 7.33% p.a. UniSuper’s return was 6.42% p.a. Industry average The industry average was 8.74% The industry average was 7.00% p.a. The industry average was 5.37% p.a. Rank UniSuper ranked 10th out of 59 similar products UniSuper ranked 27th out of 59 similar products UniSuper ranked 7th out of 58 similar products MySuper Investment Returns | Source: APRA Quarterly MySuper Statistics, June 2023 Printable document version
Download a printable document copy of UniSuper’s MySuper Member Outcomes Assessment FY23 (PDF, 336 KB).