SMSF trustees more satisfied than industry super fund members

Wednesday 28th July 2021 Penny Pryor

Superannuation satisfaction ratings for the six months to June 2021 have risen by 8.6 percentage points from a year ago, according to the latest Roy Morgan Superannuation Satisfaction Report.

The overall superannuation fund satisfaction rating was 71.7 per cent in June 2021, which was also a 6.9 percentage point increase on the last six months to December 2020.

Self managed superannuation fund trustees were the most satisfied with their performance (at 80.6 per cent). Public sector funds had a satisfaction rating of 79.7 per cent and industry funds had a rating of 72.3 per cent.

Within industry funds, HESTA's members were the most satisfied, followed by Cbus, AustralianSuper, Catholic Super, HOSTPLUS and Sunsuper.

Retail funds had the lowest satisfaction rating at 67.8 per cent, but even that was a 9.7 percentage point increase on the previous June.

“The driver of the increase has been the performance of the ASX200, which bottomed at 4,546 in March 2020 before increasing by 1,351.9 points (+29.7 per cent) to 5,897.9 by 30 June 2020. Over the last year the ASX200 increased an additional 1,488.3 points (+25.2 per cent) to hit a record high of 7,386.2 in mid-June," Roy Morgan CEO Michele Levine said.

“The leading industry fund in June is HESTA, which is the industry fund for people working in health and community services and has the highest customer satisfaction of any industry or retail fund," she added.

“HESTA CEO Debby Blakey has provided strong and capable leadership of the fund throughout the pandemic and has emerged as one of the leading figures in the superannuation industry. Blakey has been a powerful advocate for environmental, social and governance issues (ESG) and credits this focus for driving HESTA’s impressive performance."

Super Satisfaction ratings June 2021

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