The YourSuper comparison tool was introduced on 1 July 2021 as part of the Your Super, Your Future reforms to help individuals compare MySuper products and choose a super fund that meets their needs. It was updated to include investment performance data on 31 August 2021.
The tool has now recorded over 1 million hits since 1 July. In a public release, Senator Jane Hume noted that 13 MySuper products failed the government’s new bright-line performance test, which covers one million member accounts.
Under the Your Super, Your Future reforms, APRA is required to conduct an annual performance test for MySuper products. The assessment under the performance test, in conjunction with the ATO’s YourSuper comparison tool, is intended to hold RSE licensees to account for underperformance through greater transparency and increased consequences.
“Australians for the first time have been able to compare their super fund against other default products on an apples to apples basis, with an objective test administered by APRA on fees and performance,” said Ms Hume.
“Under‑performers have been clearly called out and members are able to easily consider alternative products.”
