Retail fund
Mercer Super
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.
THE OVERVIEW
About Mercer Super
Mercer Super provides an individual joining route through Mercer SmartSuper as well as employer plans. These sit within a broader product range, so the Mercer brand does not imply one standard fee or insurance arrangement.
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Who can join
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.
THE SUPERGURU VIEW
Our take
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.
Who might put it on their shortlist
- Employees comparing the full value of a Mercer workplace plan.
- People who want an age-based strategy with the option to choose investments later.
- Retirees who want a suggested investment and payment setup that remains adjustable.
What deserves a closer look
- Some investments, including Mercer Direct, are only available in particular plans.
- SmartPath's age-based design does not account for every asset or debt outside super.
- In August 2024, the Federal Court ordered Mercer Superannuation (Australia) Limited to pay $11.3 million after it admitted misleading statements about seven Sustainable Plus options. Read the current sustainable criteria and holdings rather than relying on the label.
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Based on the cited product features. These are general reasons to investigate the fund, not a personal recommendation. Supporting sources.
THE NUMBERS
Fees and investment returns
Use the product, investment option and employer plan on your statement. Lifecycle members need to choose the relevant stage. APRA's investment pathways may include closed options held by existing members.
Choose an investment option to see the figures
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.
A CLOSER LOOK
Inside Mercer Super
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
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.
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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.
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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.
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.
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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.
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.
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THE LEGAL FUND
Fund size in APRA's annual reporting
Mercer Super Trust
At 30 June 2025. These are legal-fund totals, which can include several products and more than one account per person.
APRA annual fund-level statistics, June 2025. These older totals can differ substantially after mergers. Size is not a measure of suitability or investment quality.
Sources for Mercer Super
Checked 2026-09-11. Documents and product terms can change after this date.