The federal government’s online super fund comparison tool is one of the key features of the Your Future, Your Super (YFYS) package of changes.
What does it do?
The YourSuper tool ranks MySuper products by their annual fees and net returns (investment returns after fees and other costs have been deducted) over a rolling seven-year period. The tool will be updated quarterly with data provided by the superannuation industry’s regulator, the Australian Prudential Regulatory Authority (APRA).
The tool allows you to select up to four MySuper products at a time to compare. It can also tell you which funds have passed APRA’s performance test, which is another feature of the YFYS package.
How does it work?
There are two ways you can use YourSuper:
Option 1.
Visit the Australian Taxation Office’s (ATO) website. Here, you can browse through the table, select products to compare and even search for a particular fund. The table shows fees and net returns based on a $50,000 super balance, but you can filter the table by age and balance to allow for a more tailored comparison.
Option 2.
If you have a MyGov account that’s linked to the ATO, you can access a more personalised version of the tool that will be based on your actual current super balance. Simply log in to MyGov and visit the ‘Super’ section in your ATO portal. Like the tool in Option 1, you can select up to four different products to compare, as well as search for funds.
Things to know
Presently, the tool only looks at MySuper products. MySuper is the default option your super is invested in if you haven’t chosen an investment option yourself within your fund. So, if you’ve made a choice to invest in an option that’s not your fund’s MySuper product (for example, Hostplus’ Indexed Balanced or Shares Plus option), you won’t yet be able to see how your product/option compares to other similar options offered by other funds.
It’s expected that the ATO’s YourSuper tool will be expanded to allow this broader, non-MySuper product comparisons in the future.
YourSuper also doesn’t compare insurance offerings across funds. So, if insurance cover is important to you, keep that in mind when using the tool.
The good news
As a Hostplus member, you’re already in one of the top-performing funds, with a history of strong long-term returns. We’re pleased to report that not only have we passed APRA’s inaugural MySuper performance test, but our default Balanced (MySuper) option is ranked the number one option over rolling 10 and 20-year periods.¹
Need help deciding what’s right for you?
SuperAdviser^ is our digital advice tool that can help you get the most from your Hostplus-managed super. It can help you decide the best contribution strategy for your circumstances, to choose the right investment option for your risk profile and work out your likely insurance needs.
You can either log in today and use SuperAdviser yourself, or, if you prefer, call us# on 1300 348 546, Monday to Friday, 8am - 8pm AEST/AEDT and arrange to speak to one of our phone-based Superannuation Advisers.
The information in this article is correct as at time of publication.
1. Source: SuperRatings Accumulation Fund Crediting Rate Survey – SR50 Balanced (60-76) Index, February 2024. Past performance is not a reliable indicator of future performance and should never be the sole factor considered when selecting a superannuation fund.
^Hostplus has engaged Link Advice Pty Ltd ABN 36 105 811 836, ASFL 258145 to facilitate the provision of limited personal financial advice to members of Hostplus via the web-based product Super Adviser.
#Hostplus Superannuation Advice Consultants are Authorised Representatives of Link Advice Pty Ltd ABN 36 105 811 836,ASFL 258145 and facilitate the provision of limited personal advice about Hostplus products to Hostplus members through Super Adviser. To obtain a Link Advice Financial Services Guide please visit linkadvice.com.au/docs/Link_Advice_FSG.pdf. Link Advice is responsible for any advice obtained through Super Adviser.
This information is general advice only and does not take into account your personal objectives, financial situation or needs. You should consider if this information is appropriate for you in light of your circumstances before acting on it. Please read the relevant Hostplus Product Disclosure Statement (PDS), available at hostplus.com.au before making a decision about Hostplus. For a description of the target market, please read the Target Market Determination (TMD), available at hostplus.com.au/ddo.