Editorial note: Forbes Advisor Australia may earn revenue from this story in the manner disclosed here. Read our advice disclaimer here.
Table of Contents
Superannuation is Australia’s retirement system for employees, designed to relieve pressure on the government-funded age pension and provide for a comfortable life post-employment.
In other countries, it’s often called a pension or retirement fund; in Australia, superannuation is commonly referred to as simply ‘super’.
Your super contributions are paid by your employer–in addition to your salary–as stipulated by the superannuation guarantee or ‘SG’. The SG is expressed as a percentage of your salary that employers are legally required to pay into your superannuation fund. Currently the superannuation guarantee sits at 11.5%, but is scheduled to increase to 12% on July 1. That means if you earn $100,000 per year, your employer will sock away an additional $11,5000 per year (11.5%) into your nominated fund. The SG is usually levied each pay cycle—i.e.: monthly or fortnightly—and these regular contributions compound in your fund as the years progress.
The SG is paid into your super fund of choice or to a super fund nominated by your employer. All employers have a nominated fund, or ‘default fund’, where they make super guarantee payments for employees who have not selected a preferred fund.
However, the ATO encourages Australians to choose their own super fund to meet individual needs by comparing the various superannuation companies, their fees and performance over time.
Featured Partners
What Are Superannuation Companies?
Superannuation companies are financial institutions that offer special types of investment vehicles, known as super funds. Sometimes, the institution’s sole offering is as a superfund, as is the case with AustralianSuper and Hostplus. Other times, superannuation is just one kind of investment within a financial institution’s portfolio.
According to the latest superannuation statistics by the Association of Superannuation Funds of Australia (ASFA), there are 24.7 million superannuation accounts in Australia, with more than $4.2 trillion in assets under management as of the December 2024 quarter.
Types of Super Funds
There are different super funds for different purposes. The most common two types are industry and retail, however, there are also public sector funds as well as privately run funds called self-managed super funds (SMSF).
Industry Super Fund vs. Retail Super Fund
An industry super fund is run solely to benefit its members and not the interests of external shareholders. Anyone can join an industry super fund, however, there are still some industry super funds that are better suited to particular professions and industries, such as legalsuper for the legal community and Cbus for construction.
Meanwhile, retail super funds are generally run by banks and other financial institutions, where profits are paid out in dividends to the parent company’s shareholders.
So while no superannuation fund is allowed to run at a profit, and must operate with its members’ best financial interests front of mind, the organisations that run retail funds often pay dividends to their parent companies, which do look to make profits.
Self-Managed Super Funds (SMSF) and Public Sector Funds
SMSFs are private superannuation funds with no more than six members that you can set up and manage yourself. Running your own fund is no walk in the park, and there are strict rules and regulations to abide by.
Your employer will pay your superannuation guarantee into your SMSF, instead of a larger retail or industry fund, and you will be responsible for managing the investments in the fund.
Public sector funds are only available to employees–and occasionally family members–working in certain public sectors across Australia.
List of Super Funds in Australia
The following lists details Australia’s industry and retail super funds only, as these are available to most Australians:
Related: The best super funds in Australia
List of Industry Super Funds in Australia
- Active Super
- Australian Retirement Trust
- AustralianSuper
- AvSuper
- AwareSuper
- Brighter Super
- BUSSQ Superannuation
- Catholic Super
- Christian Super
- Child Care Super
- CareSuper
- Cbus
- EISS Super
- Equipsuper
- First Super
- Hesta
- HostPlus
- LegalSuper
- Mine Super
- Spirit Super
- UniSuper
- REISuper
- RestSuper
- TWUSuper
List of Retail Super Funds in Australia
- AMG Super
- AMP Superannuation
- ANZ Smart Choice Super
- Australian Ethical Super
- Bendigo SmartStart Super
- BT Super
- Colonial First State Superannuation
- Commonwealth Bank Essential Super
- Crescent Wealth Superannuation
- Fiducian Superannuation
- Future Super
- HUB24 Super Fund
- ING Living Super
- IOOF Investment Management Super
- iQ super
- Kogan Super
- Mercer Super
- MLC Super Fund
- One Super
- Plum Super
- smartMonday
- Suncorp Everyday Super
- Superhero Super
- Super Trace
- Verve Super
- Virgin Money Super
- Vision Super
Frequently Asked Questions (FAQs)
How can you compare super funds?
The best super fund for you will depend on personal and financial circumstances. To compare super funds in Australia, you can use the ATO’s free, online super comparison tool in addition to your own research. We have also compiled a comprehensive guide so you can be armed with the right questions when it comes time to choose.
Which super fund performs best in Australia?
This depends on a range of variables including your investment mix within the fund. A funds vary in their performance each year, it is best to find a super fund that suits your individual needs alongside its performance rankings. Look for strong, long-term growth as well as low fees as there is no point being in a high-performing fund if your earnings are eaten away by levies and charges.
Can you change super funds?
Yes, you can change super funds by logging in to your myGov account and following the prompts. Before you switch super funds, it’s important that you do your due diligence and make sure you’re comfortable with your new fund’s fees and long-term performance.
