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.
Industry fund
Vision Super now includes the former Active Super membership. Its current products need to be read alongside the transfer notices, because the merger did not make every historical option or insurance arrangement identical.
The fund has Super Saver and Personal products, plus existing defined benefit and retirement arrangements. Eligibility and insurance can differ by product.
Choose the actual investment pathway for each account. For lifecycle products, select the named stage relevant to you. No stage is selected automatically.
| Measure | Choose an investment option | Vision MySuper |
|---|---|---|
| Return basis | Choose an option | MySuper net return after administration costs, $50,000 representative member |
| 3-year return, per year | Choose an option | 9.16% |
| 5-year return, per year | Choose an option | 6.69% |
| 7-year return, per year | Choose an option | 7.59% |
| 10-year return, per year | Choose an option | 8.14% |
| APRA strategic growth allocation | Choose an option | 76.58% |
| Reported total fees, net of tax, at $50,000 | Choose an option | $305 a year (0.61%) |
| Administration and advice costs, net of tax (included in total) | Choose an option | $115 a year |
| 2026 performance test | Choose an option | Pass |
| New-member status at reporting date | Check the current product eligibility rules | Check the current product eligibility rules |
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 | Vision 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 | The fund has Super Saver and Personal products, plus existing defined benefit and retirement arrangements. Eligibility and insurance can differ by product. Sources12345 |
| 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 | Super Saver, Personal, pension and transition-to-retirement products, with existing defined benefit arrangements. 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 | A range of diversified and single-asset choices. Some former Active products retain their own history and disclosures. Vision's Diversified Bonds option closed in June 2026, while the former Active Managed Cash option was consolidated in October 2025. Sources12345 |
| Insurance | Term Life is a separate insurance product in the fund. Holding a pension does not mean a member has that insurance. Sources123 | The fund publishes separate insurance documents for Super Saver and Personal. Employment type, including casual employment, can affect the application process. Sources12345 |
| 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 | Pension and transition-to-retirement accounts are available. Existing lifetime or defined benefit pensions require their own scheme information. Sources12345 |
| 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 | Vision publishes separate performance information where needed for former Active options. Its notes distinguish super, transition-to-retirement and retirement pension returns because their tax treatment differs. Sources12345 |
| Advice and support | This detail has not been verified for this profile. Check the current product documents. | Vision Super Financial Planners can help with super and pension questions. The tailored-advice schedule sets out which services carry a fee. Sources12345 |
| Fee details to check | This detail has not been verified for this profile. Check the current product documents. | Use the current PDS for your product, not an old Active Super cost estimate. Former Active members should check their transfer notice and current statement. Sources12345 |
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
Especially relevant for existing Vision or former Active members assessing their current arrangements and comparing alternatives.
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 Vision 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.