OnePath has toppled AMP to become the worst-performing superannuation fund based on Stockspot's annual ranking.
In analysing some 600 multi-asset investment options offered by 100 super funds, OnePath took the gold prize as the overall worst performer after taking into account fees and peer comparisons over a five-year period.
AMP came in second place with the silver medal, followed by MLC, Zurich and EISS Super, which came equal third with the bronze medal.
Among its worst performers, OnePath's OptiMix Balanced, Managed Growth and Active Growth filled the top three worst-performing aggressive growth funds category.
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In the balanced fund category, Zurich's Capital Stable, and OnePath's OptiMix Conservative and Conservative performed poorly for members, returning between 2.5% and 2.7% per annum.
As for the overall best performers, UniSuper and Qantas took out the gold medal.
AustralianSuper and Fiducian Super came equal second, while IOOF, Aware Super, AMG Super and Holden Employees Superannuation Fund ranked equal third.
AustralianSuper's Conservative Balanced, AMG's Balanced and Colonial First State's FirstChoice Multi-Index were the top performers in the report's balanced category, which is based on a 40-60% investment in growth assets like shares and property.
"We found that simple indexed options outperform over 90% of all super funds. Many superannuation funds hire so-called "expert" investment consultants to pick a range of active fund managers to invest their members' retirement savings," Stockspot said.
"Unfortunately, these investment consultants and active fund managers take a nice big juicy fee from your super but rarely outperform a basic index that tracks the market. In fact, over the last five years approximately one in 10 super funds were able to beat the index fund with similar risk (after fees and taxes)."
APRA's inaugural performance test revealed that AMG's MySuper option failed to meet its standards, together with offerings by EISS Super, BT Super and CFS.