Major bank super fund members least satisfied

The retail superannuation funds owned by the major banks are viewed less favourably than their industry fund and other retail fund counterparts, according to the latest data from Roy Morgan Research.

The data, released today, reveals in the six months to March 2018, average superannuation satisfaction currently sits at 61.1 per cent.

However, it then notes that while this is on par with the average satisfaction level for Industry funds, retail funds sit below this at 60.1 per cent with satisfaction with major retail funds consisting of ANZ, CBA, NAB and Westpac lower again at 58.7 per cent.

The Roy Morgan analysis said average retail and industry fund satisfaction was lower than public sector funds and self-managed superannuation funds, with average satisfaction from members at 72.6 per cent and 73 per cent.

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The Roy Morgan research pointed to Tasmanian-based fund, Tasplan maintaining its lead with the highest satisfaction of all superannuation funds at 74.6 per cent, while CARE Super had jumped from fourth place to second with 71 per cent, with Catholic Super jumping to third place with 69.2 per cent.

The research noted that Unisuper had dropped from third to fourth in the last month (68.2 per cent), and Cbus had the largest fall of the top five, falling from second place in February to fifth place in March (66 per cent).