How to Choose a Super Fund

Your super fund is one of the most consequential financial decisions you'll make. The difference between a strong fund and a weak one can mean $200,000 or more by retirement. Yet most Australians are in their employer's default fund and have never actively chosen. Here's how to choose well.

The five things that actually matter

1. Long-term investment performance

This is the single biggest driver of your retirement balance. Look at 10-year returns for the default (MySuper/Balanced) option. One-year returns are meaningless — markets swing. Funds like AustralianSuper, Hostplus, and Aware Super have consistently delivered strong long-term returns.

2. Total fees at your balance

Fees eat into your returns every year, and they compound. A fund charging 1.5% total fees vs one charging 0.6% will cost you roughly $90,000 more over 30 years on a $50,000 starting balance with $10,000/year contributions. Use our comparison calculator to compare fees at your actual balance level.

3. APRA heatmap rating

APRA publishes an annual heatmap rating every MySuper product on fees and performance. Funds that fail the performance test must write to their members. If your fund has failed, it's a strong signal to switch. Check the APRA heatmap.

4. Insurance cover

Most super funds provide default death and TPD (total and permanent disability) insurance. Some also include income protection. Compare the level of cover and the premium cost — premiums vary widely between funds for the same coverage. See our insurance inside super guide.

5. Investment options

If you're happy with a Balanced/Growth option, most funds will suit you. But if you want more control — choosing specific asset classes, ethical options, or direct shares — check what's available. Funds like UniSuper and Australian Retirement Trust offer extensive choice.

What doesn't matter much: A flashy app, rewards programs, banking products bundled with super, or celebrity endorsements. These are marketing, not performance. Focus on the five factors above.

Industry fund vs retail fund

Industry funds are run on a profit-to-member basis — there are no shareholders taking a cut. Retail funds are operated by banks or financial institutions and distribute profits to shareholders. On average, industry funds have outperformed retail funds by roughly 1% p.a. after fees over the past decade. That said, individual fund selection matters more than the category.

How to switch

Research and choose your preferred fund — see our best super funds guide
Check your insurance cover in both funds before switching
Roll over via MyGov (fastest) or contact your new fund for a transfer form
Give your employer a Standard Choice Form so future SG goes to the new fund

Related guides

Important information The information on SuperFind is general in nature and does not take into account your personal financial situation, needs, or objectives. It is not personal financial advice. Before making any financial decisions about your superannuation, consider whether the information is appropriate for your circumstances and consider seeking advice from a licensed financial adviser. Super fund data including fees and performance returns shown on this site were current as of April 2026 — always verify figures on the fund's website. Past performance is not a reliable indicator of future performance. Data sourced from APRA, ATO, and individual fund disclosures. SuperFind is a DecisionLab publication.