Super fund satisfaction near record high

Satisfaction in superannuation funds has increased 8.6% year-on-year to 71.7% in June 2021 and was up 6.9% points over the last six months, according to Roy Morgan’s Superannuation Satisfaction Report. 

HESTA scored the highest customer satisfaction rating of any of the industry funds ahead of Cbus, UniSuper, AustralianSuper, which saw the highest customer satisfaction rating of the industry funds ahead of Cbus, AustralianSuper, Catholic Super, HOSTPLUS, Sunsuper and First State Super. 

The highest customer satisfaction was again for self-managed funds at 80.6%, which experienced the largest increase of 10.7% points from a year ago. 

At the same time, the highest placed retail super fund was OnePath followed by Colonial First State, MLC, ASGARD, BT, Mercer and Suncorp. 

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The rating for June was below the record high reached a month ago and continued a series of excellent customer satisfaction ratings reached over the first half of 2021 as the Australian economy recovered and Australian stock-markets reached new record highs, the firm said. 

The report also found customer satisfaction was also near record highs for public sector funds at 79.7% in June, up 7.6% points on a year ago and retail funds at 67.8%, up 9.7% points on a year ago. 

“The driver of the increase has been the performance of the ASX200 which bottomed at 4,546 in March 2020 before increasing by 1,351.9pts (+29.7%) to 5,897.9 by June 30,2020. Over the last year the ASX200 increased an additional 1,488.3pts (+25.2%) to hit a record high of 7,386.2 in mid-June,” Roy Morgan’s chief executive Michele Levine, said. 

“There have been big increases across all categories over the last year. Industry funds are up 8.2% points to a new record high of 72.3% while retail funds have increased by an even greater 9.7% points to a satisfaction rating of 67.8%. 

“However, despite these impressive results it is self-managed funds which still lead the way with a customer satisfaction rating of 80.6%, up 10.7% points on a year ago, ahead of public sector funds just behind in second place on 79.7%, up 7.6% points.”