Industry funds increase lead in member satisfaction

Industry super funds increased their lead in member satisfaction over their retail counterparts over the last year, now leading by 4.8 percentage points compared to 1.6 per cent a year ago.

The latest data from Roy Morgan’s Single Source survey showed that industry funds scored 6.2 per cent satisfaction with financial performance compared to 57.3 per cent from retail funds, which represented an increase of 1.4 points and a decrease of 1.6 points respectively.

The highest rating fund for satisfaction was Catholic Super with 72.1 per cent, followed by UniSuper on 70.8 per cent. Only two retail funds, Macquarie with 65.9 per cent and Colonial First State with 60.4, made it into the top ten funds for satisfaction.

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The most improved were Catholic Super (up 9.8 percentage points over the last year), HESTA (up 5.7 points), and AustralianSuper (up 3.7 points). Tasplan showed the largest decline, going down 5.1 percentage points, followed by Cbus which was down five points.

The major super funds with the lowest satisfaction ratings were AMP with 50 per cent customer satisfaction, Suncorp with 51.5 per cent, and MLC with 51.8.

The below chart shows the top 10 performers for satisfaction:

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