There are six products that have “significantly poor investment returns” over the past eight years in the latest APRA MySuper Heatmap release.

The six underperforming funds are:

RSE Licensee RSE Product Name Performance Test Result
Energy Industries Superannuation Scheme Energy Industries Superannuation Scheme-Pool A Balanced (MySuper) Fail (Second)
Avanteos Investments Colonial First State FirstChoice Superannuation Trust FirstChoice Employer Super Pass
BT Funds Management Retirement Wrap BT Super MySuper Fail (Second)
BT Funds Management Retirement Wrap Westpac Group Plan MySuper Fail
Avanteos Investments Commonwealth Essential Super Commonwealth Essential Super Pass
Equity Trustees Superannuation AMG Super AMG MySuper Fail (Second)

Key findings from this year’s heatmap include:

  • Fees and costs have fallen for most MySuper products. APRA estimates that 8.1 million members (56 per cent of member accounts) have experienced a drop in disclosed total fees and costs since the 2021 heatmap was published. The total estimated annual savings to members is $210 million;
  • 28 MySuper products have closed since APRA released the first heatmap in 2019. As a result, 1.5 million member accounts, containing $51.6 billion in member benefits, have been transferred to other products;
  • 350,000 fewer members are in MySuper products with “significantly poor” investment performance than in 2021. However, around 800,000 members’ accounts remain in these underperforming products; and
  • Sustainability pressures exist across the industry, with most superannuation funds posting negative growth over the past three years across one or more of the heatmap’s sustainability metrics.

The heatmap evaluates every MySuper superannuation product’s performance in the areas of investment returns, fees and costs and long-term sustainability of member outcomes. To further enhance industry transparency and product comparison, the heatmap includes each product’s result under the Annual Performance Test.

APRA has deferred the update of the data in the Choice Heatmap until 2023.