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Not all superannuation funds are the same - choosing the right fund can mean more money when you retire. When comparing super funds, it's important to consider how your investment returns and administration and investment fees and costs will affect your overall financial position when you reach retirement - this is the net benefit of your super.
How much better off would you have been as a Sunsuper member?
Modelling provided by SuperRatings up to 31 December 2020, which has specialised in superannuation research since 2002. The below table compares the net benefit outcomes for members of the Sunsuper Balanced Pool in the Lifecycle Investment Strategy with comparable balanced options provided by other superannuation funds.
Sunsuper
$133,751
net benefit over the past 15 years
- Starting Balance
- $50,000
- SG Contributions
- $75,843
- Investment Earnings
- $148,151
- Fees & Costs
- $14,400
Avg. Industry Fund
$129,115
net benefit over the past 15 years
- Starting Balance
- $50,000
- SG Contributions
- $75,843
- Investment Earnings
- $146,809
- Fees & Costs
- $17,694
Avg. Retail Fund
$81,740
net benefit over the past 15 years
- Starting Balance
- $50,000
- SG Contributions
- $75,843
- Investment Earnings
- $114,782
- Fees & Costs
- $33,042
Modelling based on $50,000 initial balance and starting salary for contributions made into the Sunsuper Balanced
Pool in the Lifecycle Investment Strategy and makes no representations regarding future fees or investment
performance. The modelling is based on net investment returns.
+ What are the
model assumptions?
What does this mean?
According to SuperRatings’ modelling, the net benefit of the Sunsuper Balanced Pool in the Lifecycle Investment Strategy2 has outperformed the average for industry and retail super funds over the last 15 years to 31 December 2020. The Sunsuper Balanced Pool in the Lifecycle Investment Strategy has returned a net benefit $52,011 higher than the average of all surveyed retail funds and $4,636 higher than the average of all surveyed industry funds.
SuperRatings was founded in 2002 and specialises in superannuation research and data. Sunsuper was named their 2021 MyChoice Super of the Year.
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What's net benefit and why is it important?
In superannuation, net benefit is the investment earnings on your super, less the administration and investment fees and costs. In other words, it is the net investment earnings on your super balance. So when you compare super funds, it is important to weigh up the net benefit that a super fund can offer you through higher investment earnings and lower fees and costs.
Why has Sunsuper performed better?
Sunsuper had a higher net benefit outcome because our investment earnings were higher and our administration and investment fees and costs were lower over the period, when invested in the Sunsuper Balanced Pool in the Lifecycle Investment Strategy.
What are the model assumptions?
SuperRatings is a ratings, research and consulting company that specialises in analysing superannuation funds and the collection of superannuation fund data including investment returns and administration and investment fees and costs for each fund included in its historical and ongoing surveys.
This net benefit model, prepared by SuperRatings, calculates the differences in the net benefit (investment earnings less administration and investment fees and costs after taxes) between the Sunsuper Balanced Pool in the Lifecycle Investment Strategy and similar balanced options with retail superannuation funds (also known as retail master trusts) and with industry superannuation funds (also known as Not For Profit funds) over the 15 years to 31 December 2020.
- The model uses the main balanced investment option (being the balanced investment option with the highest level of growth assets for options within the 60% - 76% growth asset range) offered by each superannuation fund in the sample set.
- The model uses investment returns and administration and investment fees and costs data that is submitted by superannuation funds to SuperRatings and also made publicly available by each superannuation fund through formal fund disclosures as at 31 December each year.
- Using the starting account balance of $50,000 and an annual salary of $50,000, the employer Superannuation Guarantee (SG) contributions, the investment earnings and fees and costs after taxes are calculated using the 31 December data for each year to derive the closing account balance at the end of each successive year.
- The model assumes the legislated employer Superannuation Guarantee (SG) contributions and excludes additional contributions and withdrawals over the 15 year comparison period.
- The average net benefit of industry (not for profit) and retail superannuation funds is calculated by taking an average of the net benefit outcomes for all industry and retail superannuation fund products actively surveyed by SuperRatings, with a 15 year investment performance history.
- The 15 year comparison model will be updated annually with 31 December data for each successive year (available in approximately February each year).
- In the 15 year net benefit comparison model, the number of funds that are used are 82 for retail funds and 83 for industry funds.
Other assumptions
Salary Increase 3.5% per annum incorporating inflation as indicated by the CPI (Consumer Price Index) plus the cost of rising living standards.
Investment Returns Actual reported investment returns for each superannuation fund over each yearly period are used for the Net Benefit modelling.
When are investment returns credited to members’ accounts? Annually at 31 December of each year.
Superannuation Guarantee contribution The Superannuation Guarantee (SG) percentage rate used for each year's employer contributions is in accordance with the Superannuation Guarantee (Administration) Act 1992. The SG employer contribution amount for each year is based on the SG percentage rate applied to initial $50,000 salary which is increased annually at the salary increase assumption of 3.5%. The model assumes no salary sacrifice or other voluntary superannuation contributions.
Contributions tax SG employer contributions are subject to a 15% tax rate.
When are SG employer contributions assumed to be made? Quarterly in arrears (i.e. the first contribution is made 3 months after the start of the 15 year comparison period).
When are fees and costs assumed to be deducted? Annually at 31 December of each year.
Tax rebate A tax rebate of 15% is assumed on fees deducted from members’ accounts.
Fees All administration and investment fees and costs data are taken from each superannuation fund’s product disclosure statement or other formal disclosures at the end of each year and incorporated in the calculation. Contribution fees, entry fees, exit fees, advice fees or any other fees and costs charged are not included in this model.
Insurance No deductions are made for insurance premiums
Important information
Sunsuper Disclosure: Past investment performance is not a reliable indication of future performance. Returns may vary considerably over time. This comparison model was prepared by SuperRatings under commission from Sunsuper. What are the model assumptions?
The model compares the difference in the net benefit performance of the Sunsuper Balanced Pool in the Lifecycle Investment Strategy with the average net benefit performance of comparable balanced options with other superannuation funds tracked by SuperRatings. The net benefit performance represents the accrued account balance with a superannuation fund at the end of the 15 years period to 31 December 2020 based on the investment earnings less the administration fees and investment fees and costs after taxes that is applicable for each fund. Other fees and costs are excluded.
This comparison model is general advice only and it does not take into account the objectives, financial situation and needs of any person. You should consider your objectives, financial situation and needs and read the relevant product disclosure statement before making a decision about a financial product.
SuperRatings Disclosure: SuperRatings Pty Limited ABN 95 100 192 283 AFSL No. 311880 (SuperRatings). Report contains general advice only and has been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. This document is for the exclusive use of the person to whom it is provided and not to be relied upon by any other person.
SuperRatings makes no representation, warranty or undertaking in relation to the accuracy or completeness of the information presented in this document, which may be drawn from unverified public information. Past performance is not a reliable indicator of future performance. Financial conclusions, ratings and advice are reasonably held at the time of completion but may change without notice. SuperRatings assumes no obligation to update this document following publication. Except for any liability which cannot be excluded, SuperRatings, its directors, officers, employees and agents disclaim all liability for any error or inaccuracy in, misstatement or omission from, this document or any loss or damage suffered by the reader or any other person as a consequence of relying upon it.
© SuperRatings Pty Ltd. All rights reserved. This report may also contain third party material that is subject to copyright. To the extent that copyright subsists in a third party it remains with the original owner and permission may be required to reuse the material. Any unauthorised reproduction of this information is prohibited.
1 Sunsuper's Target Market Determinations are available.
2 Members invested in the Lifecycle Investment Strategy, which is Sunsuper's default investment option, are invested 100% in the Balanced Pool until age 55. Refer to the Sunsuper for life Investment guide for more information.