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SelectingSuper Media Release - Thursday 17 November 2016
Rainmaker SelectingSuper announces Superannuation Fund of the Year
Melbourne 17 November: Rainmaker Information has today announced the winners of its annual SelectingSuper Awards, a roundup of the best superannuation providers and industry leaders in Australia.
Member outcomes are key to superannuation funds in 2016, so delivering for members is the most highly ranked criteria used in the analysis carried out by Rainmaker SelectingSuper. Other criteria include whether the insurance offerings represented value for money and how well they engage members with simple communication and member equity.
The 2016 SelectingSuper Fund of the Year award was won by UniSuper, for those working in Australia's higher education and research sector. It's been a strong performer over the past three years with a diverse customer base. UniSuper also took out Retirement Select Choice Product of the Year and Fund of the Year.
2016 SelectingSuper Award winners include:
|MySuper Product of the Year
|MySuper Lifestage Product of the Year
||QSuper Accumulation account
|Workplace Select Choice Product of the Year
|Personal Select Choice Product of the Year Value
||HESTA Personal Super
|Retirement Select Choice Product of the Year Value
|Workplace Full service Multichoice Product of the Year
||IOOF Employer Super - Employer
|Personal Full service Multichoice Product of the Year
||ANZ Smart Choice Super - Personal
|Retirement Full Service Multichoice Product of the Year
||Colonial First State - FirstChoice Wholesale Pension
|Workplace Insurance Offering of the Year
||Sunsuper for Life Business
|Personal Insurance Offering of the Year
||Intrust Super - Select Super
Hannover Life Re
|Long Term Performance Award
|Innovation Award for Millennial Superannuation
||Suncorp Everyday Super for Business
|Investment Leadership Award
|Fund of the Year
|Asset Consultant Product of the Year
|SMSF Administrator Product of the Year
|Consumer Choice Award
Rainmaker SelectingSuper Awards winners are chosen based on quantitative and qualitative research using Rainmaker Information's extensive database of research, longterm profiling of the superannuation industry and an eye toward current trends in the super industry.
"Super funds have yet again surprised us on the upside. Average returns of almost 3% might seem low but it was 3-times inflation. But the best funds have delivered returns as high as 8.5% showing how important it is to choose the right fund and to monitor it to ensure it's staying on track," says Alex Dunnin, Head of Research at Rainmaker Information.
"But it's not just returns where the great funds excel, they are also working harder than ever to keep their fees down and insurance cover up."
"This year's award winners are a roll call of some of the most innovative yet reliable funds in Australia. To knock previous year's winners off their perch they'd have to be," Mr Dunnin added.
"What characterises the 2016 SelectingSuper award winners is a singular focus on consistent performance across their investment menu which they complement with a commitment to continual improvement across the whole fund. This includes striving to keep fees low, keeping their insurance offer as sharp as it can be and making their fund as easy for members, advisers and employers to deal with as possible."
"Keeping up with technological innovation, member, employer and adviser engagement is what they also excel at."
Dunnin's top trends for 2016:
- Hyper competition: super funds are no longer a protected species and are now facing the blow torch of competition just like every other industry. This competition spans everything they do from investment, to fees, to insurance, to technology, to how they communicate with their increasingly savvy and wary members.
- Members first: Strong funds will seek new and different ways to engage members on their terms to develop longterm relationships and deliver better, more tailored member outcomes. Education will be critical to engagement.
- Product innovation: Australia's leading banks now offer some of the nation's most technologically advanced yet cheapest super funds. This shows how funds that don't continually improve risk being left behind. As more members approach retirement this will test funds to show they have what it takes to stay relevant.
- Regulatory change: Product innovation in areas such as Comprehensive Income Products for Retirement continues.
- Get your priorities right: while technological innovation, developing new products, low fees and smart member engagement is important, nothing is more important than delivering money into members' accounts through strong consistent investment returns year after year after year after year. To do this the smart funds are always challenging themselves to make sure they keep their eyes on the prize - building up members' account balances so that when they retire they can support a good retirement income stream.
Alex Dunnin, Head of Research at Rainmaker Information, is available for interview.
For media enquiries, please contact:
Parnell Palme McGuinness
p. 0412 228 282
About Rainmaker Information
Rainmaker Information is a privately held Australian company founded in 1992. The company has established a reputation as a leading financial services information publishing house in Australia providing marketing intelligence, research, media, events and consulting services and forms part of the Rainmaker Group of companies.
Rainmaker SelectingSuper is an information portal (website) developed to assist Employers, Financial Planner an Consumers make informed choices when choosing a Superannuation Fund. Rainmaker SelectingSuper also published The Good Super Guide now in its 15th Edition in both printed and digital formats.