Industry funds have widened their lead over retail funds in how satisfied their members are with their fund's financial performance over the last 12 months, according to latest Roy Morgan research.
In May last year, 62% of industry fund members said they were very or fairly satisfied with their fund's financial performance while for retail funds, the share was 60.2%.
In the 12 months since then, this 1.8% gap has widened to 6%.
The report said 62.5% of industry fund members reported satisfaction at end of May while just 56.5% of retail members did the same (down 3.7%).
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Industry funds also held 10 spots in the top 12 performers on Roy Morgan's Satisfaction with Financial Performance of Superannuation in Australia report's May 2019 edition.
Best and worst performers
UniSuper (70.9%) and Tasplan (69.6%) members were the most satisfied with the financial performance.
This was followed by CareSuper (67.6%), Cbus (67.6%), Catholic Super (67.3%), First State Super (66.8%), Macquarie (66.6%), HESTA (66.2%), Mercer (64.3%), AustralianSuper (63.9%), Hostplus (60.3%) and SunSuper (58.2%).
"The overall assessment of satisfaction with financial performance by fund members clearly ranks the industry funds ahead of retail funds similar to the rankings given on performance tables," Roy Morgan industry communications director Norman Morris.
"This survey however has the added advantage of being able to understand the members behind the ratings rather the simply ranking the performance of the funds."
Interestingly, the survey's results don't align with actual performance returns.
Hostplus (11th most satisfied members on the survey) is the top-performing fund over three years to March end, according to Rainmaker. Yet members of 10 other superannuation funds reported higher satisfaction with their fund's performance than Hostplus' members.
The lowest satisfaction for major super funds beyond the 12 best performers were AMP (49.3%), Asgard (50.9%) and BT (52.2%), Roy Morgan said.
Gainers and losers
Catholic Super members' satisfaction with its financial performance dipped the most among the top-12 over the year to May, 2019. It fell 10.9% over the period.
The biggest gainer in the top 12 was Mercer which pushed up its members' satisfaction by 8.9% over the year. The only other retail fund on the list, Macquarie, made gains of 3.5%.
First State Super improved the most out of the industry funds in the top 12 funds, with a gain of 3.1%. UniSuper and Sunsuper made gains of 2.2% and 2.7% respectively. AustralianSuper and Cbus made gains of 0.4% each.
Hostplus, Caresuper and Tasplan recorded dips of under 2% each.
The data in this latest report represents some of the findings from Roy Morgan's Single Source survey which is based on in-depth interviews conducted face-to-face with over 50,000 consumers per annum in their homes, including over 30,000 with superannuation.
The latest results are based on interviews conducted in the six months to May 2019, Roy Morgan said.