Industry funds dominate satisfaction

A $10 billion superannuation fund has topped the ranks for member satisfaction as it readies for merger, joining seven other industry funds in the top 10.

Tasplan achieved the highest satisfaction rating of any super fund in Roy Morgan's latest Superannuation Satisfaction Report, receiving a score of 73.9%. It's a ratings increase of 8.4% in 12 months, according to the research house.

The positive result comes as Tasplan prepares to merge with MTAA Super, having confirmed in November 2019 that a merger would go ahead in October 2020.

With MTAA Super serving as the successor fund, Tasplan's chief executive Wayne Davy will depart once the merger has completed. The fund's current chair, Naomi Edwards, will serve as chair of the merged funds.

Industry funds outperformed the retail cohort, seeing an overall rating of 65.1% compared to retail's 59.5%.

Hot on the heels of Tasplan, UniSuper and Cbus received ratings of 73.7% and 73.3% respectively. This was followed by First State Super (70.3%), HESTA (70.2%), CareSuper (67.6%), AustralianSuper (67.3%), Colonial First State (65.1%), Mercer (64.7%) and Hostplus (63.2%).

"Consumers are continuing to be more satisfied with industry funds, and this is reflected in the fact there is a total of eight industry funds in the overall top 10," Roy Morgan chief executive Michele Levine said.

Read more: TasplanMTAA SuperRoy MorganCbusColonial First StateFirst State SuperMercerMichele LevineNaomi EdwardsSatisfaction ReportUniSuperWayne Davy
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