The annual assessment reviews all superannuation products across their performance, fees, insurance, operations and extra benefits.
164 products passed all the benchmarks to receive the rating, an increase of eight products from the 2023 assessment, from 449 open products being available in the market.
48 superannuation funds have at least one product with a AAA Rating, and there are currently 130 super funds according to Rainmaker Information’s latest Superannuation Benchmarking Report.
The number of funds with at least one AAA rated product dropped from 56 to 48 since the 2023 ratings.
The decrease is largely due to the continued impact of consolidation in the superannuation industry, which has seen the number of funds decrease from 149 to in 2023.
Of the164 products rated AAA, 72 are workplace products (44%), 42 are personal products (26%) and 50 are retirement products (30%).
Retail funds make up 29% of AAA rated products, with not-for-profits making up the remaining 71%.
Of the not-for-profit products, 85 are from industry funds, 9 are from corporate funds and 22 are from public sector/government funds.
The newly rated AAA products in 2024 are:
The assessment criteria framework as part of the AAA Quality Rating process incorporates:
The AAA Quality Rated products for 2024 are:
Contact our Business Development team to receive further details of Rainmaker's products and services.
Superannuation fees have fallen 2% over the last financial year to reach to 0.93% per annum, the lowest total expense ratio on record.
Australia’s financial adviser numbers have stabilised at 16,000 and is projected to climb, but this may not be enough to avert a supply shortfall.
