SMSFs outshine industry funds for large balances

Industry superannuation fund satisfaction outranks retail funds in all categories, but failed to beat self-managed super funds when it comes to larger balances.

This is according to Roy Morgan's latest Superannuation Satisfaction Report which found consumers' satisfaction with industry super funds tapered off once the account balance hit $700,000 and over, at which point SMSFs registered the highest rating of 82.1% compared to 76.7%.

The report canvassed more than 30,000 members to find satisfaction rating for industry funds grew 0.9% in the 12 months to February 2019.

Industry funds outshone retail funds in the $250,000 to $699,999 category, recording a satisfaction rating of 77.9% and a 12.9% lead over retail funds.

Unisuper had the highest satisfaction rating (71.2%), followed by HESTA (68.3%) and Cbus (66.6%).

Macquarie (63.2%) scored the highest satisfaction rating among retail funds, followed by Plum (62.2%) and Colonial First State (57.3%).

Satisfaction with Macquarie however, plummeted 10.7% year on year. Members of Tasplan (-10.2%) and IOOF (-9.7%) also became dissatisfied with their super fund over the period.

Rainmaker's September 2018 Benchmarking report showed industry funds dominated the top 50 superannuation funds based on segment.

AustralianSuper led the pack with $147 billion in FUM and more than 2.1 million members, followed by Rest, Hostplus and HESTA.

The SuperTrace Eligible Rollover Fund ranked fifth with $1.2 billion in FUM and 791,000 members.

Read more: HESTAMacquarieAustralianSuperColonial First StateHostplusRainmakerRoy MorganTasplanUnisuper
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