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smartMonday MySuper among nation’s best performers

smartMonday MySuper among nation’s best performers
June 30, 2022

smartMonday is among the top-performing super funds in the new YourSuper comparison tool, as ranked by net returns over seven years.

The Australian Taxation Office tool compares MySuper products, and smartMonday ranks in the top 10, with average yearly returns up to 9.14% (based on the benchmark $50,000 account balance).

We also passed the first ever national performance test conducted by the Australian Prudential Regulation Authority, which compared fees and performance across MySuper products.

“These results show we are better value compared to the majority of the industry – while performance is only one aspect of our value it’s key to many Australians and employers,” said smartMonday head of member services Shannon O’Shea.

“This result reinforces smartMonday’s position as a low total fee,* high-performing, member-focused fund. We’re particularly pleased the test covers performance over seven-years, as we emphasise that everyone should take a long-term approach to their super. Clearly, smartMonday is delivering for members in this regard.”

Top 5 performing MySuper Funds by net returns

Rank

Name

Product

7-year net return (%)

1

Local Government Super

MySuper Age Based Investment Strategy

9.46

2

AustralianSuper

MySuper

9.44

3

HOSTPLUS Superannuation Fund

Balanced option

9.33

4

Aon Master Trust

smartMonday by Aon MySuper* under 35

9.14

5

Goldman Sachs & JBWere Superannuation Fund

MySuper Product

9.13

Note: Product and returns assume a 30-year-old member with a $50,000 balance. Data sourced from the Australian Taxation Office’s YourSuper comparison tool.
*Aon MySuper was renamed to smartMonday Lifecycle effective 30 June 2022.

The performance test is one of several new reforms being introduced by the government this year to improve superannuation. Another, that will come into effect in November, is that people will continue to use their current active super account whenever they start a new job (effectively ‘stapling’ it to them), unless they deliberately choose another fund. Previously, super accounts were often opened for new employees, leading to many duplicate accounts.

“The introduction of this ‘stapling’ measure will make it even more important that all workers are in a high-performing fund that is actively working to improve outcomes for them. Anyone in an underperforming fund or who isn’t satisfied with their current super provider should review the performance of other funds and consider their options. Results of the new national performance test could be good place to start,” O’Shea said.

smartMonday’s result in the ATO YourSuper comparison tool follows a year of excellent investment performance for the fund, in both MySuper and other investment options. Our MySuper option (for those age 35 and below) returned 22.5% for the 2020/21 financial year. Members in other MySuper options or that chose our balanced, growth or high-growth options are experiencing similar or higher returns.

smartMonday’s Aon MySuper (renamed to smartMonday Lifecycle from 30 June 2022) is recognised in APRA’s Heatmap as having low total fees relative to other available MySuper products as at 18 December 2020.
1 The LGS MySuper option reduces the level of investment risk in members investment portfolio from High Growth to Balanced Growth at age 45, Balanced Growth to Balanced at age 50, and Balanced to Conservative at age 55. The Australian Super and Hostplus MySuper options maintain the same level of investment risk for the duration of each member’s investment. The smartMonday MySuper option adjusts the level of investment risk by gradually reducing the proportion of Growth investments from 90% High Growth/10% Defensive at age 37, to 30% High Growth/70% Defensive, at age 75. Table results based on 30-year-old with a $50,000 account balance. The YourSuper comparison tool allows for comparison of MySuper products across all ages and balances.