smartMonday MySuper among nation’s best performers
smartMonday MySuper among nation’s best performers
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.