The federal government’s new online super fund comparison tool is one of the key features of the Your Future, Your Super (YFYS) package of changes.
The YourSuper tool ranks MySuper products by their annual fees and net returns (investment returns after fees and other costs have been deducted) over a rolling seven-year period. The tool will be updated quarterly with data provided by the superannuation industry’s regulator, the Australian Prudential Regulatory Authority (APRA).
The tool allows you to select up to four MySuper products at a time to compare. It can also tell you which funds have passed APRA’s performance test, which is another feature of the YFYS package.
There are two ways you can use YourSuper:
Visit the Australian Taxation Office’s (ATO) website. Here, you can browse through the table, select products to compare and even search for a particular fund. The table shows fees and net returns based on a $50,000 super balance, but you can filter the table by age and balance to allow for a more tailored comparison.
If you have a MyGov account that’s linked to the ATO, you can access a more personalised version of the tool that will be based on your actual current super balance. Simply log in to MyGov and visit the ‘Super’ section in your ATO portal. Like the tool in Option 1, you can select up to four different products to compare, as well as search for funds.
Presently, the tool only looks at MySuper products. MySuper is the default option your super is invested in if you haven’t chosen an investment option yourself within your fund. So, if you’ve made a choice to invest in an option that’s not your fund’s MySuper product (for example, Hostplus’ Indexed Balanced or Shares Plus option), you won’t yet be able to see how your product/option compares to other similar options offered by other funds.
It’s expected that the ATO’s YourSuper tool will be expanded to allow this broader, non-MySuper product comparisons from July 2022.
YourSuper also doesn’t compare insurance offerings across funds. So, if insurance cover is important to you, keep that in mind when using the tool.
As a Hostplus member, you’re already in one of the top-performing funds, with a history of strong long-term returns. We’re pleased to report that not only have we passed APRA’s inaugural MySuper performance test, but our MySuper Balanced option has been ranked by independent researcher SuperRatings as one of the top 3 default options over rolling 5, 7, 10, 15 and 20-year periods¹.
Super Adviser^ is our digital advice tool that can help you get the most from your Hostplus-managed super. It can help you decide the best contribution strategy for your circumstances, to choose the right investment option for your risk profile and work out your likely insurance needs.
