Compare what each fund offers, then choose investment options to put their published costs and returns side by side.
Closed retail fund
Challenger Retirement Fund holds legacy super, pension and insurance contracts. Its products are closed to new members.
The provider confirms all products in this fund are closed to new members. Existing holders should use the documents for their particular contract.
Retail fund
Essential Super is an accumulation product that can be managed through the CommBank app. It offers an age-based default and a smaller investment menu than a full platform.
Members can apply through NetBank or the CommBank app after registration. Check the PDS and target market determination for eligibility and whether the product fits your intended use.
Choose the actual investment pathway for each account. For lifecycle products, select the named stage relevant to you. No stage is selected automatically.
The costs and returns belong to the selected product, option or lifecycle stage.
Source: APRA Comprehensive Product Performance Package 2026, published 28 August 2026. Fees reflect the reporting year to 30 June 2026, are net of tax, use standard arrangements and exclude member-activity fees. Dollar figures are rounded. They are not a current quote. Check the latest PDS for changes, insurance premiums and any separately charged advice.
Returns are annualised historical results. Different return bases, risk levels and periods cannot be treated as interchangeable. MySuper net returns use a $50,000 representative balance even when you change the fee balance. A lifecycle stage return does not track a person moving between stages. Missing figures mean not reported, not zero. Past returns do not predict future returns. Read our method and APRA's definitions.
| What to compare | Challenger Retirement Fund | Essential Super |
|---|---|---|
| Membership and access | The provider confirms all products in this fund are closed to new members. Existing holders should use the documents for their particular contract. Sources123 | Members can apply through NetBank or the CommBank app after registration. Check the PDS and target market determination for eligibility and whether the product fits your intended use. Sources14 |
| Accounts and products | Existing products inside Challenger Retirement Fund. This entry does not describe every annuity currently sold by Challenger Life. Guaranteed Personal Superannuation Guaranteed Income Pension Plan Guaranteed Lifetime Pension Plan Term Allocated Pension Term Life under super Sources123 | Essential Super distributed by CommBank and provided by CFS; distinct from FirstChoice. Essential Super accumulation Sources12345 |
| Investment choices | Some contracts provide a guaranteed rate or income; others have cash or market-linked features. There is no single investment menu or balanced option that represents the whole fund. Sources123 | Lifestage The Lifestage option adjusts investments according to the member's birth cohort. Members can instead choose pre-mixed or DIY investment options, or combine them with Lifestage. The product does not offer a full direct-share trading menu. Sources3 |
| Insurance | Term Life is a separate insurance product in the fund. Holding a pension does not mean a member has that insurance. Sources123 | Cover is provided through AIA Australia and is subject to eligibility and acceptance. The target-market information flags limitations on cover for an existing illness or injury in some circumstances, with different treatment for tailored cover. Confirm the actual policy before relying on it. Sources125 |
| Retirement income | Income, withdrawal rights and indexation depend on the original contract. Fixed terms may have break costs, while some lifetime pensions have no withdrawal value. Sources123 | The current product information says Essential Super is not designed for people who are retired and need a retirement income. Someone approaching drawdown should compare pension products separately rather than assume the banking-app account becomes a pension. Sources1 |
| Comparing investment performance | Do not present this fund as an available destination for a new accumulation account. Guaranteed-income contracts and ordinary market investment options need different comparisons. Sources123 | Use Essential Super's own Lifestage cohort or chosen investment results. FirstChoice's investment returns are a separate product comparison, even though both are provided by CFS. Match the same age, risk and period. Keep Essential Super separate from FirstChoice and CFS Edge. Include the planned move into a pension when comparing options for someone near retirement. Sources3 |
| Advice and support | This detail has not been verified for this profile. Check the current product documents. | CFS provides product support and disclosure documents. This research has not verified that personal financial advice is included for all Essential Super members; confirm the service available and any cost directly. Sources5 |
| Fee details to check | This detail has not been verified for this profile. Check the current product documents. | The cost includes administration, investment and net transaction charges. Buy/sell spreads can also apply to contributions, withdrawals and switches, with insurance additional. The current public comparison uses a particular Lifestage cohort and balance, so it should not be generalized to every member. Sources24 |
THE SUPERGURU VIEW
This entry is useful for someone trying to understand an existing policy. A modern super comparison can miss the promise built into a legacy pension. Start with the contract, its payment schedule and any surrender value before weighing a change.
Based on the cited product features. These are general reasons to investigate the fund, not a personal recommendation. Supporting sources.
THE SUPERGURU VIEW
The app integration may help someone pay attention to their super, and a limited menu can reduce unnecessary decisions. It still needs to earn its place on investment cost, risk and insurance. The absence of a retirement-income product is a practical issue for members nearing that stage.
Sources1
Based on the cited product features. These are general reasons to investigate the fund, not a personal recommendation. Supporting sources.
Use the membership rules to establish which accounts are available to you. Then compare the total price of the investment option and cover you need. A lower fee or higher historical return alone does not tell you which fund is suitable.
Ask both funds to confirm insurance acceptance, exclusions, waiting periods and whether cover would change when you leave your employer. Obtain advice before giving up a defined benefit or an insurance policy you may not be able to replace. ASIC Moneysmart explains the comparison checks.
Read the full Challenger Retirement Fund profile · Read the full Essential Super profile · Choose another comparison
Checked 2026-09-11. Documents and product terms can change after this date.
Checked 2026-09-11. Documents and product terms can change after this date.