UNDERSTANDING SUPER FUND COMPARISONS

How to CompareSuperFunds Properly

Comparing super funds involves more than checking which fund had the highest return last year.

A fair comparison considers risk, fees, insurance, investment options, product features and your personal circumstances. Improve My Super does not compare, rank or recommend super funds. This page explains what a responsible comparison should consider.
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START WITH THE RIGHT QUESTION

Why “Which Super Fund Is Best?” Is the Wrong Question

There is no single super fund that is best for everyone.

A fund or investment option that may suit a younger person with a long investment horizon may not suit someone approaching retirement. Similarly, insurance needs, account balances, risk preferences and financial objectives vary from person to person.

A comparison that ignores these differences may appear simple, but it cannot determine what is appropriate for you.
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What a Fair Super Fund Comparison Looks At

No single measure provides the full picture. A responsible comparison considers several factors together and applies them to the member’s circumstances.
Net Returns

Compare options with similar risk levels over meaningful periods, generally after fees and taxes. Avoid relying on a single year of performance.

Total Fees in Dollars

Consider administration, investment and transaction costs together. Applying the fees to your actual balance may be more useful than viewing percentages alone.

Insurance Terms

Review life, total and permanent disability and income protection cover, including definitions, exclusions and occupation classifications.

Investment Options

Consider the investment menu, available risk profiles and whether the fund provides options that are relevant to your needs.

Product Features

Review practical features such as beneficiary nominations, member services, online access and retirement income options.

APRA Performance Test

APRA’s annual performance test can provide an objective data point for products covered by the test, but it should not be treated as the only basis for a personal decision.

COMPARE LIKE WITH LIKE

A Fair Comparison Needs the Right Context

Super fund comparisons can be misleading when products with different investment objectives or risk levels are placed side by side.

For example, comparing a high-growth investment option with a conservative option primarily shows that the two options take different levels of investment risk. It does not, by itself, establish that one fund is better than the other.

A meaningful comparison should consider:
  • Similar investment objectives
  • Comparable levels of risk
  • Returns over appropriate timeframes
  • Fees and taxes
  • Insurance terms
  • Features that are actually relevant to the member

Common Traps in Quick Super Comparisons

A simple ranking may look useful, but important details can be lost when the comparison is reduced to one score or headline figure.
Trap 1: Chasing Last Year’s Winner
Trap 1: Chasing Last Year’s Winner
Strong performance over one year does not establish that the same option will continue to outperform. Top-performing funds and investment options can change from year to year.
Trap 2: Comparing Different Risk Levels
Trap 2: Comparing Different Risk Levels
A high-growth option may produce different returns from a conservative option because it takes a different level of risk. This is not a like-for-like comparison.
Trap 3: Ignoring Commercial Relationships
Trap 3: Ignoring Commercial Relationships
Some comparison websites receive advertising, referral or placement fees. Readers should check how a comparison provider is paid and whether commercial relationships affect what appears on the site.
Trap 4: Ignoring Insurance
Trap 4: Ignoring Insurance
Changing or closing a super account may affect insurance cover. Replacement insurance may be more expensive, have different terms or be unavailable depending on the person’s circumstances.
Trap 5: Looking Only at Percentages
Trap 5: Looking Only at Percentages
A small percentage difference can appear insignificant until it is applied to a larger balance over many years. Dollar-based comparisons may make the cost easier to understand.
Trap 6: Treating Rankings as Personal Advice
Trap 6: Treating Rankings as Personal Advice
A public ranking cannot assess your age, financial position, insurance requirements, retirement plans or tolerance for investment risk.
AN OBJECTIVE DATA POINT

How the APRA Performance Test Fits In

The Australian Prudential Regulation Authority conducts an annual performance test for many superannuation products.

Where a product fails the test, the trustee is generally required to notify affected members.

The test result can be a useful objective input when reviewing a product, but it does not replace a broader assessment of:
  • Insurance arrangements
  • Fees and costs
  • Investment risk
  • Available options
  • Product features
  • Your personal circumstances

Where an Authorised Financial Adviser Fits

An adviser can connect the information about the fund with the circumstances of the person considering it.
Assess Your Circumstances

The adviser can consider your age, account balance, financial position, insurance needs, tax position and retirement objectives.

Compare Relevant Options

Where comparison is appropriate, the adviser can examine comparable products and investment options using factors relevant to your situation.

Provide a Documented Recommendation

Where personal advice is provided, the adviser must explain the recommendation, the reasons for it and the relevant fees and risks.

Real Customer Experiences

What Our Customers Say

Read about the experiences of people who have used Improve My Super to start an enquiry about their superannuation.
Namoi Oliver
a year ago

Cody and the team were fantastic going through the process of looking into my super fund and seeing what they could do for me. It fantastic to know that they will be helping me with advice in the future

Liandra Rae
a year ago

I strongly recommend Maddie and the team at Wise Investment, I am had extremely pleasant experience with them! I contacted them feeling very stressed and overwhelmed about my Super and they were very professional and I was surprised by how easy the process was! Would 100% recommend them to my friends and family.

Monica Niemann
a year ago

Cody & Tracey where both very good explaining my superannuation & where I can benefit from having more money to retire when the time comes. They were friendly & I understood what they were talking about & given good explanations

Isobel MacFarlane
a year ago

Had a really great experience with the team here, they made everything easy to understand and got things sorted for me so efficiently - have already recommended you guys to my family and friends!

Keelie Radford
a year ago

You couldn’t be in better hands! Super Professional while still treating you like a person! They actually care! Couldn’t recommend more!

frequently asked questions

Questions About Improve My Super

Find clear answers about submitting an enquiry, how the referral process works, what happens to your information and what to expect after requesting a superannuation review.
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Read about the experiences shared by previous users of the service.

Yes. There is no cost to submit an enquiry through Improve My Super.

Once we receive your enquiry, we'll connect you with an authorised financial adviser who can discuss your circumstances and explain the review process. There is also no obligation to proceed beyond your initial enquiry.

No.

A superannuation review doesn't automatically mean changing funds. The purpose of the review is to help you better understand your current superannuation, including areas such as fees, insurance, investment options, or multiple accounts.

If personal financial advice is appropriate, any recommendations will come from an authorised financial adviser after assessing your individual circumstances.

In most cases, you'll only need:

  • Your current super fund (if known)
  • Basic contact details
  • Any questions or concerns you'd like reviewed

If additional information is required, the authorised adviser will explain what is needed during the review process.

Depending on your circumstances, a review may include:

  • Superannuation fees and costs
  • Insurance held within your super
  • Investment options
  • Multiple or lost super accounts
  • Retirement considerations
  • General understanding of your current super arrangements

The exact scope of the review will depend on your individual situation.

Improve My Super does not provide personal financial advice.

Instead, we connect Australians with authorised financial advisers who are licensed to provide personal financial advice under an Australian Financial Services Licence (AFSL).

If personal advice is provided, it comes directly from the authorised adviser—not from Improve My Super.

Improve My Super receives a fixed referral fee from the adviser's practice when an enquiry is successfully referred.

This referral fee:

  • is not based on your super balance
  • does not depend on whether you change funds
  • is not influenced by any recommendation made by the adviser

The adviser remains responsible for providing advice that is appropriate to your circumstances and is legally required to act in your best interests.

The timeframe varies depending on your circumstances and the information available.

Once your enquiry has been received, an authorised adviser will contact you to discuss the next steps and explain the review process.

Yes.

If you've changed jobs over the years or think you may have multiple super accounts, the adviser can discuss options for identifying lost or inactive super as part of your review.

The process will depend on your individual circumstances and the information available.

Improve My Super is not a superannuation fund or financial institution.

We help Australians connect with authorised financial advisers who can review their superannuation and, where appropriate, provide personal financial advice tailored to their circumstances.

Our goal is to make it easier to understand your super and connect you with the right professional when advice is needed.

LOOKING FOR PERSONAL GUIDANCE?

A Comparison Can Inform You. Personal Advice Can Apply It to You.

Speak with an authorised financial adviser who can assess your current super arrangements and explain whether any changes may be appropriate.

Disclosures

Comparison Disclaimer

Improve My Super does not compare, rank or recommend super funds. The information on this page explains general factors that may be considered when comparing superannuation products.

General Advice Warning

The information on this page is general in nature and does not take into account your objectives, financial situation or needs. Past performance is not a reliable indicator of future performance. Before acting, consider whether the information is appropriate for your circumstances and read the relevant Product Disclosure Statement.

Business Disclosure

Improve My Super is owned and operated by Wise Investments Direct Pty Ltd, ABN 40 656 677 146, a Corporate Authorised Representative of Lifestyle Asset Management Pty Ltd, AFSL 288421.