Satisfaction with super funds has reached a new record high as Australia recovers from the COVID-19 pandemic, according to data from Roy Morgan’s ‘Superannuation Satisfaction Report’.
The report showed an overall super fund satisfaction rating of 71.7% in April, an increase of 7% compared to a year ago and up 10.7% over the last six months.
The period covered by the ratings was over the last six months from (November 2020 to April 2021), around the time Victoria emerged from its second lockdown.
UniSuper had the highest customer satisfaction rating of the industry funds ahead of Cbus, AustralianSuper, Catholic Super, HESTA, CARE Super, HOSTPLUS and Tasplan.
The highest placed retail super fund was OnePath followed by MLC, Colonial First State, ASGARD, Mercer, Suncorp and BT.
Michele Levine, Roy Morgan chief executive, said since bottoming on 23 March 2020, at 4,546 the ASX200 has increased by over 2,550 points to close at record highs early in May.
“The biggest increases have been for retail funds, up 7.2% points to a customer satisfaction of 67.8% and for industry funds, up 6.8% points to 71.8%,” Levine said.
“Satisfaction with both is now at, or near, record highs, as is satisfaction with public sector funds on 78.9%, up 4.8% points from April 2020.”
Satisfaction with financial performance of different type of super funds
Source: Roy Morgan