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SuperRatings is a ratings, research and consultancy company that specialises in analysing superannuation funds, their investment returns, their fees and the relative benefits they offer to their members. The Accumulation Net Benefit model, prepared by SuperRatings, calculates the variance in earnings and fees between Hostplus and other super funds over different time periods.

Background to the Accumulation Net Benefit model.

Sample Set: The sample set used in the modelling contains Hostplus’ balanced investment option, not-for-profit funds, and the retail super funds which are actively tracked by SuperRatings, including superannuation investment products that are open and those that are closed to new members but continue to hold assets.

As at 30 June 2023, the number of not-for-profit super products and all super products included in the sample set1 for each comparison period is:

Timeframe1 Yr3 Yr5 Yr7 Yr10 Yr15 Yr
Not-for-profit products20517316514912878
All super products400317282248192106

1. Data extract from SMART 2.0 SuperRatings model on 16 October 2023.

Information about the Accumulation Net Benefit model.

  • The model uses the ‘main Balanced option’ being the fund’s largest Balanced option where 60% to 76% of the fund’s assets are invested in growth investments. This is generally the fund’s default option. This is done for each product provider in the sample set.
  • The model uses return and fee data that is submitted by funds to SuperRatings, made publicly available by funds or contained within formal fund disclosures.
  • Using starting annual salary of $50,000 and a $50,000 starting balance, the contributions, earnings and fees are calculated using the data from the most recent completed quarter to derive the closing account balance.
  • Comparison periods are based on rolling 1, 3, 5, 7, 10 and 15-year periods to the end of the quarter.
  • The net benefit for each product refers to the cumulative earnings less fees and taxes for the relevant comparison period.
  • The average net benefit of retail super funds and not-for-profit funds is calculated by taking an average of all net benefit outcomes at the end of the comparison period for the products actively tracked by SuperRatings.
  • The net benefit is calculated for each product which has sufficient return and performance history information available over the entire comparison period. Where this information is not available, those products are excluded from the calculation. 
  • The model assumes no additional contributions or withdrawals over the relevant comparison period.
  • The model will be updated quarterly with investment return figures submitted by funds to SuperRatings following the end of the quarter.  

Other assumptions for the Accumulation Net Benefit model.

Salary increase

3.5% per annum.

Investment Returns

Performance (Net Benefit) modelling is based on actual reported returns over the stated period.

When are investment returns credited to members’ accounts? 


Superannuation Guarantee Contribution 

The Superannuation Guarantee rate used for each year's calculation is in accordance with the Superannuation Guarantee (Administration) Act. The modelling assumes no salary sacrifice or voluntary contributions.

Contribution tax 


When are contributions assumed to be made? 

Quarterly in arrears (i.e. the first contribution is made 3 months after joining the fund)

When are fees assumed to be deducted?


Tax rebate 

A tax rebate of 15% is assumed on dollar member fees deducted from members’ accumulation accounts in the SuperRatings’ model. Hostplus does not apply the tax rebate.

Employer asset size

Members’ accumulation accounts are assumed to be in a ’small’ employer size of $150,000 in funds under management (FUM) at the start of calculation.


2.5% per annum


All fee information is taken from the sample funds’ product disclosure statements or other formal disclosures at the end of each year in the calculation.  Fees deducted from the Fund’s administration reserve, contribution fees, entry fees, additional adviser fees or any other fees charged are excluded from this model.


No deductions are made for insurance premiums.

As at 16 October 2023