The Super Fund of the Year Awards program, in conjunction with event stakeholders Money Management, Momentum Media and SuperRatings, has developed a robust awards methodology to form the backbone for assessing and benchmarking Australia’s leading superannuation funds.
The judging criteria for the award categories are both quantitative and qualitative, acknowledging the range of key factors that contribute toward retirement outcomes for Australians.
Each award category is open to all APRA or state-regulated superannuation funds operating in Australia. Superannuation funds that are covered by the SuperRatings database will automatically be considered, with a shortlist of finalists for each award category being compiled based on the criteria listed below.
The SuperRatings research team is responsible for determining the nominees, with the Research Manager and Insights Manager responsible for determining the winners.
A fund will be shortlisted based on its overall peer relative position across all products it offers, with consideration given to its investment performance and processes, fees, insurance offering, administration capabilities, member servicing and governance practices.
A MySuper product will be shortlisted based on the product’s peer relative position, with consideration given to its investment performance and processes, fees, insurance offering, administration capabilities, member servicing and governance practices.
A Member Choice product will be shortlisted based on the product’s peer relative position, with consideration given to its investment performance and processes, fees, insurance offering, administration capabilities, member servicing and governance practices.
A fund will be shortlisted where it can demonstrate how its offering has been tailored to provide better member outcomes to the industry sector it represents, with consideration given to how the fund has delivered around investments, insurance, and member servicing.
A retirement offering will be shortlisted based on the offering’s peer relative position, with consideration given to its investment performance and processes, fees, pension flexibility and choice, administration capabilities, member servicing and governance practices.
A fund will be shortlisted where it can demonstrate, through the annual review process, significant progress in completing key projects which will enhance its strategic positioning in coming years.
A fund/service will be shortlisted based on releasing to market a meaningful innovation in the superannuation sector.
A fund will be shortlisted based on the Net Benefit (returns less fees) outcomes across a range of investment options and time periods. Greater weight is given to longer time periods and options where most members are invested. The fund with the highest Net Benefit outcome is determined to be the winner of the award.
A fund will be shortlisted based on the standard deviation and Sharpe ratios across a range of investment options and time periods. Greater weight is given to longer time periods and options where most members are invested. The fund with the lowest level of volatility is determined to be the winner of the award.
A MySuper product will be shortlisted based on the lifetime return generated by the investment strategy.
A fund will be shortlisted based on the total cost of the fund’s lowest fee diversified investment option and the range of low-cost options available within the fund, with consideration given to the performance of the offering where similar cost options exist.
A fund will be shortlisted based on the range, capability and uptake of digital services by its members across online portals, apps and digital contact and administration services.
A fund will be shortlisted based on the range, quantity, reach and quality of education offered to members.
A fund will be shortlisted where it can demonstrate superior speed and quality of service in response to its members’ needs.
A fund will be shortlisted based on the range, capability, quality and uptake of its advice offering to members.
A fund’s default insurance offering will be shortlisted based on the alignment of insurance design with the fund’s member demographic, the value of insurance cover provided by the default offering and the level of service and claims experience provided by the fund.
A fund will be shortlisted based on the range of insurance options available to members, the value of the insurance covers provided, and the level of service and claims experience provided by the fund.
A fund will be shortlisted based on its peer relative position around the sustainability practices of the fund, with consideration given to the fund’s policies and oversight, research, carbon emissions, engagement, education for members, and operational behaviour in relation to ESG.
A fund will be shortlisted where it has demonstrated the highest levels of transparency and accountability throughout its disclosures.
