APRA Super performance test – which super fund passed and who failed in 2023

When speaking about APRA Super performance test: the superannuation annual performance test, APRA included the following:

64 MySuper options and

805 “trustee-directed products”

Out of MySuper products in 2023 one failed to meet the test benchmark, compared with 5 failing in 2022 and 13 in 2021.

The fund that failed the test this year is AMG MySuper, but it has been closed to new members in 2022 and the trustee will cease the product soon. AMG has since rebranded as Acclaim Wealth.

Out of 805 trustee-directed products 96 failed to meet the test benchmarks and 75% of those 96 are products offered by 4 trustees:

N. M. Superannuation Proprietary Limited, a trustee for many of AMP super products,

Nulis Nominees (Australia) Limited, the trustee for some of MLC superannuation products

Oasis Fund Management Limited, the trustee for IOOF currently named as Insignia Financial and

OnePath Custodians Pty Limited


Trustees of products that failed to pass the benchmarks must notify their members of the test outcomes by 28 September 2023. Trustees cannot accept new members into products that have failed for two consecutive years.

There were some 20 non-platform products that failed, including:

Australian Retirement Trust’s QSuper Socially Responsible fund,

three products from Crescent Wealth,

five products from OneSuper, and

three from ClearView Retirement Plan. 

Our firm does not recommend any of those products, and I am not talking about them to criticise them, but rather to explain how those superannuation fees work, so you can make an informed decision based on the balance of your superannuation savings.

APRA says that the median administration fees and costs for platform trustee directed products were the highest at 0.54%of assets, compared to 0.27% for non-platform trustee directed products and 0.26% for MySuper products.

Well, let’s put those fees into the test checking two of the biggest super funds in Australia: AustralianSuper and Australia Retirement Trust. Regulator is looking at fees on super balance of $50,000

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