A $37 billion industry superannuation fund reclaimed its position as fund of the year at the annual Rainmaker SelectingSuper Awards in Melbourne this morning.
Hostplus was crowned fund of the year. It was one of five awards for the industry fund, including: Best in Show - MySuper product; Best MySuper Performance - Risk Weighted; Best Performance - Fixed Interest; Best Long Term Performance; and Fund of the Year.
Receiving the award, Hostplus group executive retirement solutions and advice Paul Watson said it recognised an enormous amount of work from a passionate team who understand what the fund is about and can deliver outcomes to members.
"Particularly when there's a lot of criticism around financial services and our industry, this is affirmation of the work we do - it's the reason we get out of bed in the morning and it makes a real difference to many working Australians in achieving a dignified retirement," Watson said.
Hostplus has regularly been a top achiever in SelectingSuper's monthly performance tables across both the MySuper and personal product categories, generating exceptional returns for more than one million members. Hostplus was previously named fund of the year in both 2015 and 2014, SelectingSuper said.
HESTA and AvSuper were the other super funds to win multiple awards. HESTA collected Best Millennial Super Product and the Investment Leadership Award. AvSuper won the Members' Choice Award and board member Lawrie Cox was inducted into the SelectingSuper Hall of Fame after being presented with the Industry Service Award.
Rainmaker Group executive director of research and compliance Alex Dunnin said there's much more to running a super fund than just returns.
"There's how it serves its members, its communications, its governance, how trustworthy it is, insurance and the experience member's get when they call you up for a claim," he said.
"Not enough funds are delivering the returns they should. The growing narrative is not that we place too much emphasis on outcomes, but that we place too little on outcomes. The paradox, thanks to weak competition regulation in financial services is that low performing funds don't just survive, they thrive.
"It's so perverse that if the regulator wanted to boot poor performing "mutt" funds out of the industry, the law as it stands doesn't let them."
He added Australia's best super funds routinely earn more than double what the worst performers deliver, so members should check at least once a year whether their fund is still the right one for them.