Super satisfaction survey

Nearly a quarter of retail super fund members we surveyed are considering switching to another option.
 
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02.Survey results

 

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Superannuation results
Super funds compared Satisfaction scores
Fund (in order of overall satisfaction score; number of responde Overall satisfaction score (%) Investment performance score (%) Range of investment options score (%) Fees and charges score (%) Customer service score (%) Call centre score (%) Website score (%)
State super (34) 81.2 na na 78.7 82.5 na na
Commonwealth Superannuation Scheme (CSS) (48) 78.5 66.8 60.0 77.6 69.5 69.3 73.0
QSuper (50) 77.4 72.4 69.3 82.0 79.1 79.7 80.7
Telstra Superannuation Scheme (30) 75.7 na na na na na na
UniSuper (89) 74.2 73.2 70.8 75.1 68.3 65.3 76.1
Public Sector Superannuation Scheme (78) 74 72.1 59.3 77.8 73.8 74.1 73.0
Average public sector/government fund (424) 72.9 66.7 64.2 75.3 74.9 74.0 73.3
AustralianSuper (97) 69.3 61.8 69.8 70.9 66.1 62.6 70.8
Average industry fund (488) 68.7 64.1 66.2 69.6 68.8 68.6 72.7
Average corporate fund (109) 68.4 68.4 66.3 72.2 72.4 69.9 73.2
Health Employees Superannuation Trust Australia (HESTA) (49) 66.7 62.0 64.0 68.0 70.3 71.3 72.8
Average all funds (1402) 66.4 62.0 63.9 64.9 69.2 68.7 71.7
First State Superannuation Scheme (81) 64.1 58.7 60.0 65.5 71.3 70.4 69.1
Colonial First State (47) 59.6 56.7 61.2 51.8 63.7 na 71.9
BT (46) 56.5 50.9 59.8 46.7 61.8 na 65.0
Average retail fund (380) 55.6 53.2 60.1 47.1 62.8 61.6 67.7
AMP (60) 51.2 49.5 58.7 45.7 58.7 na 71.0

Superannuation results
Super funds compared Satisfaction scores General information
Fund (in order of overall satisfaction score; number of responde online account score (%) Insurance productsscore (%) Retirement products fees and charges score (%)na Financial advice provided score (%)na Fund typePublic sector / Govt Benefit structure Available to anyone
State Super (34) na na na na Public sector / Govt Hybrid No
Commonwealth Superannuation Scheme (CSS) (48) 70.0 na 73.9 na Public sector / Govt Hybrid No
QSuper (50) 82.0 na na na Public sector / Govt Hybrid No
Telstra Superannuation Scheme (30) na na na na Corporate Hybrid No
UniSuper (89) 77.6 69.0 74.7 na Industry Hybrid No
Public Sector Superannuation Scheme (78) 73.2 72.3 77 na Public sector / Govt Defined benefits (A) No
Average public sector/government fund (424) 74.3 69.1 72.9 69.6 Group na na
AustralianSuper (97) 73.5 68.0 55.3 na Industry Hybrid (B) Yes
Average industry fund (488) 75.3 65.3 60.1 71.4 Group na na
Average corporate fund (109) 74.9 69.7 61.8 69.2 Group na na
Health Employees Superannuation Trust Australia (HESTA) (49) 76.8 61.7 na na Industry Accumulation Yes
Average all funds (1402) 73.9 66.1 60.5 67 Group na na
First State Superannuation Scheme (81) 72.8 59.4 65 na Public sector / Govt Accumulation Yes
Colonial first state (47) 73.9 na 51.2 na Retail Accumulation Yes
BT (46) 72.9 na na na Retail Accumulation Yes
Average retail fund (380) 71.2 62.7 48.4 58.8 Retail na na
AMP (60) 72.3 na na na Retail Accumulation Yes

TABLE NOTES

na Not available – there was an insufficient number of responses to report on. All scores are respondents’ rankings, including overall score, which is not calculated from other scores.

(A) The administrator also offers the Public Sector Superannuation Accumulation Plan. We didn’t receive enough responses to report on that fund individually.

(B) AustralianSuper’s main workplace division is an accumulation fund. The corporate division offers a hybrid (accumulation and defined benefits) fund.

Thanks to the 1402 CHOICE members who completed our online survey in June 2010. We only report the results for individual super funds and questions where at least 30 responses were collected, and recommend caution in interpreting findings derived from smaller samples. Responses for individual institutions are included in aggregated group figures, such as “average industry fund”.

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