Define what “better” means for you
There is no universal best super fund. A person who wants a simple low-cost diversified option may value different features from someone who needs a particular insurance definition, ethical screen or advice service. Write down your must-haves before looking at rankings so marketing does not set the criteria for you.
For most people, the core comparison is long-term net performance, total fees, investment risk, insurance and service. Compare products with similar asset mixes and risk. A high-growth option should not be ranked against a conservative option solely by its return, because they are designed to behave differently.
Compare performance and fees properly
Use periods long enough to include strong and weak markets—five and ten years where available—and check whether returns are shown after investment fees and tax. One outstanding year can reflect a temporary market exposure rather than a repeatable advantage. Past performance is evidence, not a promise.
Fees may include a fixed administration charge, a percentage-based charge, investment costs and transaction costs. Calculate the annual dollar cost using your balance. Fixed fees matter more to small accounts; percentage fees become more significant as balances grow. The ATO YourSuper comparison tool can help with comparable MySuper products.
Check what you would lose by switching
Insurance is the most common hidden consequence. Existing cover may have been granted automatically or on favourable terms that cannot be recreated after a health change. Compare insured amounts, premiums, waiting periods, exclusions and definitions, and wait until replacement cover is confirmed before cancelling anything.
Also check investment buy-sell costs, employer-paid benefits, advice services and any defined benefit entitlement. If the switch still makes sense, keep the confirmation, check that the money arrived in the new account and tell your employer where future contributions should go.
Quick reference
Key things to remember
- Use the ATO YourSuper tool for comparable MySuper products.
- Compare performance over at least five years where available, not one strong year.
- Add administration, investment and transaction costs together.
- Check default insurance cover, definitions and premiums.
- Notice whether advice or extra services are included and what they cost.
Put it into practice
Your next steps
- 01
Write down what matters to you before visiting comparison tools.
- 02
Shortlist products with comparable investment strategies.
- 03
Read each product dashboard and disclosure document.
- 04
Check the consequences before switching.
Go deeper
Guides in this topic
Check the source
Official information
Super and tax rules change. These primary sources are the right place to verify the details before you act.