The regulator APRA now subjects super funds to performance tests, and shuts down those who consistently fail them.
In 2023 96 funds (12% of those tested) failed to meet the test benchmarks. Those funds must all write to members to notify them that they failed the test. If they fail a second time then they can no longer accept new members.
The only product currently closed to new members under this rule is AMG Super’s MySuper option, which failed the test for the third consecutive year. Other products that experienced a second consecutive failure in 2022 (Australian Catholic, Energy Industries Super Scheme and BT Retirement Wrap) have all merged with other funds.
You can see a list of all those that failed in 2023 by clicking the button below.
| Name of fund | Name of failed investment option |
|---|---|
| Australian Meat Industry Superannuation Trust | High Growth Super Option |
| Australian Retirement Trust | QSuper Socially Responsible |
| Citibank Australia Staff Superannuation Fund | Bonds Plus |
| ClearView Retirement Plan | IPS Active Dynamic 50 |
| ClearView Retirement Plan | IPS Active Dynamic 70 |
| ClearView Retirement Plan | IPS Active Dynamic 90 |
| OneSuper | AusPrac High Growth Option |
| OneSuper | Growth Option |
| OneSuper | High Growth Option |
| OneSuper | Moderate Option |
| OneSuper | SS High Growth Option |
| Tidswell Master Superannuation Plan | Cruelty Free Growth |
| Crescent Wealth Superannuation Fund | Crescent Wealth Super Balanced |
| Crescent Wealth Superannuation Fund | Crescent Wealth Super Conservative |
| Crescent Wealth Superannuation Fund | Crescent Wealth Super Growth |
| Smart Future Trust (previously AON) | smartMonday High Growth – Active |
| Smart Future Trust (previously AON) | smartMonday Moderate – Index |
| Retirement Portfolio Service (OnePath) | MoneyForLife Index Balanced |
| Retirement Portfolio Service (OnePath) | MoneyForLife Index Conservative |
| Retirement Portfolio Service (OnePath) | OnePath Managed Growth |
| The Bendigo Superannuation Plan | Bendigo Growth Wholesale Fund |
| The Bendigo Superannuation Plan | Bendigo High Growth Wholesale Fund |
| AvWrap Retirement Service (IOOF) | MLC0398AU |
| IOOF Portfolio Service Superannuation Fund | MLC WS Horizon 4 Balanced Portfolio |
| IOOF Portfolio Service Superannuation Fund | OnePath Tax Effective WS Income Trust |
| IOOF Portfolio Service Superannuation Fund | OnePath W’sale Balanced Trust |
| IOOF Portfolio Service Superannuation Fund | OptiMix WS Balanced Trust – Class A |
| Wealth Personal Superannuation (AMP – MyNorth) | Experts’ Choice Balanced Fund |
| Wealth Personal Superannuation (AMP – MyNorth) | Experts’ Choice Conservative Fund |
| Wealth Personal Superannuation (AMP – MyNorth) | Experts’ Choice Diversified Interest Income Fund |
| Wealth Personal Superannuation (AMP – MyNorth) | Experts’ Choice Growth Fund |
| Wealth Personal Superannuation (AMP – MyNorth) | Experts’ Choice Property and Infrastructure Fund |
| Wealth Personal Superannuation (AMP – MyNorth) | Generations Balanced |
| Wealth Personal Superannuation (AMP – MyNorth) | Generations Balanced Index |
| Wealth Personal Superannuation (AMP – MyNorth) | Generations Defensive |
| Wealth Personal Superannuation (AMP – MyNorth) | Generations Growth |
| Wealth Personal Superannuation (AMP – MyNorth) | Generations Growth Index |
| Wealth Personal Superannuation (AMP – MyNorth) | Generations High Growth |
| Wealth Personal Superannuation (AMP – MyNorth) | Generations Moderately Defensive |
| Wealth Personal Superannuation (AMP – MyNorth) | Generations Moderately Defensive Index |
| Wealth Personal Superannuation (AMP – MyNorth) | ipac Inflation Plus 4 Strategy |
| Wealth Personal Superannuation (AMP – MyNorth) | ipac Inflation Plus 6 Strategy |
| Wealth Personal Superannuation (AMP – MyNorth) | ipac Inflation Plus 7 Strategy |
| Wealth Personal Superannuation (AMP – MyNorth) | ipac Pathways 30 |
| Wealth Personal Superannuation (AMP – MyNorth) | ipac Pathways 70 |
| Wealth Personal Superannuation (AMP – MyNorth) | ipac Pathways 85 |
| Wealth Personal Superannuation (AMP – MyNorth) | ipac Pathways 95 |
| Wealth Personal Superannuation (AMP – MyNorth) | MyNorth Dynamic Balanced Fund |
| Wealth Personal Superannuation (AMP – MyNorth) | North Guardian Balanced Fund |
| Wealth Personal Superannuation (AMP – MyNorth) | North Guardian Growth Fund |
| Wealth Personal Superannuation (AMP – MyNorth) | North Guardian Moderately Defensive Fund |
| Wealth Personal Superannuation (AMP – MyNorth) | SUMMIT Select Diversified Active – Balanced |
| Wealth Personal Superannuation (AMP – MyNorth) | SUMMIT Select Diversified Active – Growth |
| MLC Superannuation Fund | Access Pre Select Growth |
| MLC Superannuation Fund | MLC MasterKey Unit Trust Horizon 4 – Balanced |
| MLC Superannuation Fund | MLC MasterKey Unit Trust Horizon 5 – Growth |
| MLC Superannuation Fund | MLC Wholesale Diversified Debt Fund |
| MLC Superannuation Fund | MLC Wholesale Horizon 2 Income Portfolio |
| MLC Superannuation Fund | MLC Wholesale Horizon 3 Conservative Growth Portfolio |
| MLC Superannuation Fund | MLC Wholesale Inflation Plus – Assertive Portfolio |
| MLC Superannuation Fund | OnePath Tax Effective Income Trust |
| MLC Superannuation Fund | OnePath Wholesale Balanced Trust |
| MLC Superannuation Fund | OnePath Wholesale High Growth Trust |
| MLC Superannuation Fund | OnePath Wholesale Managed Growth Trust |
| MLC Superannuation Fund | PIC Wholesale 30/70 Portfolio |
| MLC Superannuation Fund | PIC Wholesale 50/50 Portfolio |
| MLC Superannuation Fund | PIC Wholesale 70/30 Portfolio |
| MLC Superannuation Fund | PIC Wholesale Diversified Debt Fund |
| MLC Superannuation Fund | PIC Wholesale Inflation Plus – Assertive Portfolio |
| MLC Superannuation Fund | PIC Wholesale Inflation Plus – Moderate Portfolio |
| Premiumchoice Retirement Service (MLC) | MLC Wholesale Horizon 4 Balanced Portfolio |
| Premiumchoice Retirement Service (MLC) | MLC Wholesale Inflation Plus – Assertive Portfolio |
| Premiumchoice Retirement Service (MLC) | OnePath Tax Effective Income Trust |
| Oasis Superannuation Master Trust (MLC/IOOF) | MLC Wholesale Horizon 1 Bond Portfolio |
| Oasis Superannuation Master Trust (MLC/IOOF) | MLC Wholesale Horizon 2 Income Fund |
| Oasis Superannuation Master Trust (MLC/IOOF) | MLC Wholesale Horizon 4 Balanced Portfolio Fund |
| Oasis Superannuation Master Trust (MLC/IOOF) | OnePath Active Growth Trust (OneAnswer IP) |
| Oasis Superannuation Master Trust (MLC/IOOF) | OnePath Tax Effective Income Trust |
| Oasis Superannuation Master Trust (MLC/IOOF) | OnePath Wholesale Balanced Trust |
| Oasis Superannuation Master Trust (MLC/IOOF) | OnePath Wholesale Capital Stable Trust |
| Oasis Superannuation Master Trust (MLC/IOOF) | OnePath Wholesale High Growth Trust |
| Oasis Superannuation Master Trust (MLC/IOOF) | OnePath Wholesale Managed Growth Trust |
| Oasis Superannuation Master Trust (MLC/IOOF) | Optimix Wholesale Balanced (Class A) |
| Oasis Superannuation Master Trust (MLC/IOOF) | Optimix Wholesale Balanced Trust (Class B) |
| Oasis Superannuation Master Trust (MLC/IOOF) | Optimix Wholesale Growth (Class A) |
| Oasis Superannuation Master Trust (MLC/IOOF) | Optimix Wholesale Growth Trust (Class B) |
| Oasis Superannuation Master Trust (MLC/IOOF) | Optimix Wholesale High Growth Fund (Class A) |
| Oasis Superannuation Master Trust (MLC/IOOF) | Optimix Wholesale High Growth Trust (Class B) |
| Oasis Superannuation Master Trust (MLC/IOOF) | Optimix Wholesale Moderate (Class A) |
| Retirement Portfolio Service (OnePath) | OnePath Tax Effective Income Trust |
| Retirement Portfolio Service (OnePath) | OnePath Wholesale Balanced Trust |
| Retirement Portfolio Service (OnePath) | OnePath Wholesale Capital Stable Trust |
| Retirement Portfolio Service (OnePath) | OnePath Wholesale Managed Growth Trust |
| Retirement Portfolio Service (OnePath) | Optimix Wholesale Balanced Trust (Class B) |
| Retirement Portfolio Service (OnePath) | Optimix Wholesale Growth Trust (Class B) |
| Retirement Portfolio Service (OnePath) | Optimix Wholesale High Growth Trust (Class B) |
If you’re invested in a failed option, it’s time to reassess who your super is invested with. SuperGuide partner Finder have analysed fees and returns for more than 50 super funds which you can search through below.
Tip: Pick a Risk Level that matches your risk profile to see suitable investment options.
- Choosing a super fund: Does size really matter?
- How to consolidate multiple super accounts
- Getting to know your super fund and what it can do for you
- How to read a super fund PDS
- How to compare super funds in 7 easy steps
- How to change super funds (in 5 easy steps)
- How to benchmark your super fund
- Member services: What separates the best super funds from the rest?
- How to invest your superannuation: Super for beginners guide
