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APRA identifies worst super performers

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The prudential regulator has published a “heatmap” of the superannuation industry, assessing the returns and fees of the funds.

The Australian Prudential Regulation Authority has colour coded the map, with red showing lower performance and higher fees, assessing a range of MySuper products.

For disclosed fees on MySuper account balances of $10,000, the worst performers included BEST Superannuation, First Super, IAG and NRMA.

Australian Prudential Regulation Authority Deputy Chairman Helen Rowell tells Ross Greenwood the map should be beneficial to consumers.

“This should not be used by members as the only source of information in choosing a MySuper product.

“It’s really meant as a starting point for asking some questions and exploring a bit further.”

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Image: Getty/Nora Carol Photography