2023 AAA Super Products announced

Published on
March 29, 2023
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2023 AAA Super Products announced - Rainmaker Information

158 superannuation products have received a AAA Quality Rating from Rainmaker Information.

The annual assessment reviews all superannuation products across their performance, fees, insurance, operations and extra benefits.

158 products passed all the benchmarks to receive the rating, with 392 products being available in the market.

56 superannuation funds have at least one product with a AAA Rating, and there are currently 149 super funds according to Rainmaker Information’s latest Superannuation Benchmarking Report.

“With just over a third of products achieving the AAA Rating, it’s pleasing to see that Australians have a wide range of superannuation options in a competitive market,” said Alex Dunnin, executive director of research and compliance at Rainmaker Information.

“The number of funds with at least one AAA rated product dropped from 66 to 56 since the 2022 ratings.”

“Over that time we’ve seen several funds merge, with the total pool of funds also dropping from 173 to 149.”

Of the 158 products rated AAA, 68 are workplace products (43%), 36 are personal products (23%) and 54 are retirement products (34%).

Retail funds make up 28% of AAA rated products, with not-for-profits making up the remaining 72%.

Of the not-for-profit products, 79 are from industry funds, 10 are from corporate funds and 25 are from government funds.

The assessment criteria framework as part of the AAA Quality Rating process incorporates:

  • Investments - including the investment menu, performance and risk-adjusted performance over at least five years as well as investment processes, including mandate selections, use of asset consultants and multi-manager processes.
  • Insurance - including the types of insurances offered, premium costs and default coverage and variations by age, occupation, gender and industry.
  • Fees - including details of administration fees, investment fees, advice fees and indirect costs.
  • Company and operations - including the structure, trustee board and senior management, fund compliance, operations outsourced, size of the fund, complaints history and resolution, administration and investment flexibility, communications with members and more.
  • Extra services - including financial planning and advice services, loyalty programs and other value adds for members.

See the full list of AAA Quality Ratings below:

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