Compare what each fund offers, then choose investment options to put their published costs and returns side by side.
Retail fund
Mercer Super's SmartPath default adjusts investments with age. Its range also includes ready-made portfolios, passive and sustainable choices, and direct investing in eligible plans.
Individuals can join Mercer SmartSuper, or employees can join their employer's Mercer plan. Access to particular investments and insurance features depends on the plan.
Retail fund brand
Superhero Super offers managed investments, thematic choices and direct shares and ETFs within super.
Public membership under the applicable MySuper or Choice documents.
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 | Superhero Super MySuper |
|---|---|---|
| Return basis | Choose an option | MySuper net return after administration costs, $50,000 representative member |
| 3-year return, per year | Choose an option | 9.95% |
| 5-year return, per year | Choose an option | 5.96% |
| 7-year return, per year | Choose an option | 6.67% |
| 10-year return, per year | Choose an option | 6.79% |
| APRA strategic growth allocation | Choose an option | 80.50% |
| Reported total fees, net of tax, at $50,000 | Choose an option | $350 a year (0.70%) |
| Administration and advice costs, net of tax (included in total) | Choose an option | $195 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 | Mercer Super | Superhero Super |
|---|---|---|
| Membership and access | Individuals can join Mercer SmartSuper, or employees can join their employer's Mercer plan. Access to particular investments and insurance features depends on the plan. Sources1 | Public membership under the applicable MySuper or Choice documents. Sources1234 |
| Accounts and products | Mercer SmartSuper and Mercer Super Trust employer plans. Virgin Money and restricted employer MySuper products need separate labels. Mercer SmartSuper Mercer employer plans Mercer SmartRetirement Income Mercer Direct where available Sources14 | Superhero Super Choice and MySuper. Sources1234 |
| Investment choices | Mercer SmartPath, subject to the employer plan's own product. SmartPath gradually changes the investment mix as members age. Ready-made options let members choose a risk level without assembling every asset class. Select-Your-Own includes sector, passive and sustainable options. Mercer Direct provides selected shares, ETFs and term deposits where the plan permits it. Sources2 | Diversified, single-sector, thematic and direct options. At least 25% of a Choice balance must remain across diversified or single-sector options. Sources1234 |
| Insurance | Most Mercer Super Trust members have group insurance through AIA Australia, but the fund says the applicable plan determines the cover. Obtain the employer-plan insurance document and compare benefits, exclusions and subsidies before moving to another account. Sources5 | MySuper and Choice insurance terms differ. There is no insurance in the retirement division; retaining accumulation cover requires a sufficiently funded super account. Sources1234 |
| Retirement income | Mercer SmartRetirement Income offers allocated pensions. Its Smart Bundle combines a SmartPath investment strategy with preselected pension payments and timing, which members can change. It is still an allocated pension arrangement, so it should not be described as a guaranteed income for life. Sources34 | Retirement and transition-to-retirement accounts are available, with a $20,000 minimum under the PDS dated 2 June 2026. Sources1234 |
| Advice and support | Mercer's product information directs members to obtain advice appropriate to their circumstances. This research has not verified a single free personal-advice entitlement for every Mercer plan; ask the fund for the available service and fee. Sources5 | The service supports self-directed investment decisions. Personal advice should be arranged where needed. Sources1234 |
| Fee details to check | Compare the actual plan fee schedule, including any employer subsidy or negotiated discount. The cost also depends on SmartPath cohort or chosen investments. Mercer Direct and its underlying investments can carry additional charges. Sources123456 | Choice administration is $52 a year plus a balance-based fee; investment fees vary and direct investing adds costs. MySuper has its own schedule. Sources1234 |
| Comparing investment performance | A quoted SmartPath result belongs to a particular cohort and period. Mercer sometimes illustrates returns using one of its largest groups of members; that is not a single return received by everyone. Use the same age, product and fee basis in the competing account. Do not apply Mercer SmartSuper figures to Virgin Money or every employer plan in the same legal fund. Treat the sustainable-options judgment as a dated finding about specified claims and options. Sources2 | The website's investment returns exclude administration fees and costs. Direct portfolios have member-specific returns. Sources1234 |
THE SUPERGURU VIEW
Mercer's appeal depends heavily on the employer plan. A plan with useful insurance or negotiated fees can look quite different from the standard public product. SmartPath offers a convenient default, while the retirement bundle may reduce setup decisions, provided the chosen payment rate fits the retiree's spending needs.
Sources6
Based on the cited product features. These are general reasons to investigate the fund, not a personal recommendation. Supporting sources.
THE SUPERGURU VIEW
Relevant for an investor who wants more control but accepts the portfolio limits and costs.
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 Mercer Super profile · Read the full Superhero 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.