APRA heatmaps name six significant poor performers

More than half of Australian MySuper products have experienced reduced fees and costs resulting in estimated savings to members of around $210 million in the wake of the Australian Prudential Regulation Authority’s (APRA’s) heatmaps.

That is the assessment of the regulator coinciding with its release of the 2022 MySuper heatmaps which showed that six products had been assessed as having significantly poor investment returns.

It listed the products with average performance below heatmap benchmarks over eight years as being :

Significantly poor performance

EISS Super Balanced (MySuper)

Colonial First State FirstChoice Superannuation Trust  (FirstChoice Employer Super)

BT Funds Management (BT Super MySuper)

BT Funds Management (Westpac GroupPlan MySuper)

Commonwealth EssentialSuper  (Commonwealth Essential Super)

AMG Super (AMG MySuper)

Poor performance

Retirement Portfolio Service (ANZ Smart ChoiceSuper for employers and their employees)

Australian Catholic Superannuation and Retirement Fund (Lifetime One)

AvSuper (Avsuper Growth)

Mine Superannuation Fund (Default Lifecycle)

Guild Retirement Fund (Guild Retirement Fund MySUper)

Bendigo Superannuation Plan (Bendigo MySuper)

Russell Investments Master Trust (Goal Tracker)

Mercer Super Trust (Virgin Money MySuper)

Mercer Super Trust (Mercer Santos MySuper)

While being designated as poor performers under the heatmap criteria, many of the products passed the Your Future, Your Super performance test.