Compare what each fund offers, then choose investment options to put their published costs and returns side by side.
Retail platform
Macquarie Wrap provides Super and Pension Consolidator II and Manager II for advised portfolios.
Macquarie says its Wrap products are designed for people who have received personal advice to apply and to help manage the account.
Retail fund
Vanguard Super offers an age-based Lifecycle default, other diversified and single-sector investments, and both retirement and transition-to-retirement accounts.
The SaveSmart PDS sets joining conditions. Insurance eligibility is separate and includes work-hours and occupation requirements for some cover types.
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 | Macquarie Wrap | Vanguard Super |
|---|---|---|
| Membership and access | Macquarie says its Wrap products are designed for people who have received personal advice to apply and to help manage the account. Sources123 | The SaveSmart PDS sets joining conditions. Insurance eligibility is separate and includes work-hours and occupation requirements for some cover types. Sources48 |
| Accounts and products | Super and Pension Consolidator II and Manager II, plus existing legacy products. Sources123 | SaveSmart accumulation, SpendSmart pension and TransitionSmart TTR. Vanguard Super SaveSmart SpendSmart account-based pension TransitionSmart TTR Sources2 |
| Investment choices | Managed funds, separately managed accounts, listed investments and other assets permitted by the chosen menu. Sources123 | Lifecycle Lifecycle changes the asset mix as a member ages. Members can choose other diversified options or single-sector options instead. The menu offers pooled investments inside super; it should not be described as a brokerage account for buying any Vanguard ETF. Sources1 |
| Insurance | Insurance can be accessed through selected providers under the relevant product documents. Sources123 | Eligible members receive basic death and TPD cover. Income protection requires a separate application. Vanguard's public eligibility page lists a minimum recent work-hours condition and excludes hazardous occupations for TPD and income protection; TPD must be held with death cover and cannot exceed it. Sources45 |
| Retirement income | Super and pension accounts are available. The current II products do not accept conversion of an existing term allocated pension into that product type. Sources123 | SpendSmart provides regular retirement income and lump-sum access for eligible members. TransitionSmart lets eligible working members draw pension payments while keeping a SaveSmart accumulation account for contributions. Sources23 |
| Advice and support | A financial adviser is part of the intended product model. Sources123 | Vanguard provides educational material and a Find an Adviser tool. Compare the scope and price of personal advice separately; the presence of a referral tool does not establish that comprehensive advice is included in the super fee. Sources7 |
| Fee details to check | Use the fees effective from 1 September 2026. Add investments, trading, advice and any cash-account economics; Macquarie published administration and ORFR changes for that date. Sources123 | Use the total annual fee for your selected option and balance, then account for insurance and buy/sell spreads. Vanguard says options other than Lifecycle can have different costs. A quoted Lifecycle percentage therefore should not be attached to every investment choice or pension product. Sources6 |
| Comparing investment performance | The member's portfolio and costs determine the result. An old Macquarie brand return is not a platform performance measure. Sources123 | Lifecycle performance is age-dependent. Compare an equivalent age allocation and period, and use super-product returns rather than the much longer track record of a Vanguard managed fund or ETF outside super. Those are different products with different costs and taxes. Show Lifecycle results for the same age. Include SpendSmart and TransitionSmart in retirement comparisons, and compare insurance eligibility explicitly. Sources12345678 |
THE SUPERGURU VIEW
Worth comparing for an advised investor who needs the menu and account-management functions.
Based on the cited product features. These are general reasons to investigate the fund, not a personal recommendation. Supporting sources.
THE SUPERGURU VIEW
Vanguard is a useful comparison for someone who wants a clearly described age-based investment approach. Its retirement accounts also let members move from saving to drawing an income within the fund. Insurance is the detail that can change the decision, particularly for someone in a hazardous occupation or with irregular working hours.
Sources4
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 Macquarie Wrap profile · Read the full Vanguard 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.