Of the 692 superannuation products reviewed by Rainmaker, 29% have received a AAA Rating for 2021, with 11 offerings added to the list.
Rainmaker looked at 692 products from 178 superannuation funds for its annual assessment.
In analysing the offerings, the research house looks at the quality of a products investments, fees, insurance, communications and more. Funds are benchmarked against 3500 investment choices, 2000 fee options and 15,000 group insurance choices.
The ratings also now consider risk-adjusted performance in the main default investment choices.
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This year saw 149 products from not-for-profit funds and 49 from retail funds make the cut. Last year NFP funds accounts for 154 products and retail funds came in with 47.
Of these, 198 products have received a AAA Rating, including 187 that retained their ratings from last year.
The balance is the 11 offerings added to the list this year. These are AMG Super's Emplus Personal Super; Australian Catholic Superannuation and Retirement Fund's RetireSmart; Colonial First State Rollover and Superannuation Fund; Military Super; Commonwealth Super Corporation retirement income; GESB West State Super; GuildSuper; Russell Investments' Nationwide Super Personal Division; Spaceship; Suncorp Brighter Super for Business; and Bendigo SmartOptions Super - Employer.
"Members in a AAA-rated fund can be confident their fund will deliver on its promises," Rainmaker executive director of research Alex Dunnin said.
"To achieve the AAA Rating, superannuation products are independently assessed to ensure they meet high standards across investments, fees, insurance, communications and more."
The number of funds to receive the top rating was down slightly this year from 201 products in 2020. This was the result of increased merger activity throughout last year, including that of First State Super and VicSuper to create Aware Super, WA Super and Aware, and Sunsuper and the IAG & NRMA Superannuation Plan.
The past year has been a difficult time for many super fund members, he added.
"Times like this call for super funds to hold true to their promise and focus on their core job - delivering for their members," Dunnin said.
"Members need to know they are in funds they can trust."
A full list of AAA-rated products can be found here.