Australia’s 13 worst-performing superannuation funds

For centuries the number 13 has been considered unlucky. 

Between the lore surrounding Friday the 13th and 80 per cent of high-rise buildings in the United States not having a 13th floor, the superstition will now ring true for 1.1Million Australians. 

New data released by The Australian Prudential Regulation Authority (APRA) has set off warning bells across the nation, with 13 superannuation funds being named and shamed after failing the inaugural superannuation performance test, including funds from the Commonwealth Bank and Westpac. 

The funds, which have been warned not to provide misleading information to the 1.1m Aussies affected by their underperforming products will be required to inform their members of the failure before the end of September, and suggest that they consider moving their money to a different superannuation fund.

But should you be putting your trust and money into another big superannuation fund? Let’s take a look.

Australia’s worst-performing super funds

From Westpac’s BT Super to Commonwealth Bank’s Colonial First State product and in-house super fund option for employees, even if your superannuation fund is not listed in the 13 failed funds, it doesn’t mean your super returns are performing to the best of its ability. 

The funds that failed Australians:

  1. AMG Super – AMG MySuper
  2. ASGARD Independence Plan Division Two – ASGARD Employee MySuper
  3. Australian Catholic Superannuation and Retirement Fund – LifetimeOne
  4. AvSuper Fund – AvSuper Growth (MySuper)
  5. BOC Gases Superannuation Fund – BOC MySuper
  6. Christian Super – My Ethical Super
  7. Colonial First State FirstChoice Superannuation Trust – FirstChoice Employer Super Fund
  8. Commonwealth Bank Group Super – Accumulate Plus Balanced
  9. Energy Industries Superannuation Scheme-Pool A – Balanced (MySuper)
  10. Labour Union Co-Operative Retirement Fund – MySuper Balanced
  12. Retirement Wrap – BT Super MySuper
  13. The Victorian Independent Schools Superannuation Fund – VISSF Balanced Option (MySuper Product)

Source: APRA*

Still trust your super fund? 

It’s no coincidence that ‘uplifting’ and ‘trustworthy’ advertisements for superannuation funds have been hitting your screens more frequently in the past weeks.

With the failed results coming to air, and Australians looking for more control and transparency over their super, super funds have turned their focus to holding onto customers.

But at a time when the retirement money of 1.1m Australians has been affected by poor performance, you’d think super funds would be focusing on obtaining superior returns for their members as goodwill. 

It’s time to take care of your future

Superannuation funds cater to the masses, not to the needs of individuals. And, unfortunately to them, your super money is just a tiny drop in the billions of dollars they invest for thousands (if not millions) of people.

As of July 2021, 10% of your annual salary is now contributed to your superannuation fund and while some may see super as a ‘tax’ or ‘money for later’ it’s important that you are seeing a return that matches up with your future.

The good news for younger Australians is that you have time on your side and can make up for the poor performance you may be victim to.

By opting to take care of your super through an SMSF, you gain greater transparency and control over where your super is invested. In fact, last financial year more than 47,000 Australians^ switched their super to an SMSF.

Switch your super to Stake

With our new-gen super solution, we’re providing hundreds of Stake customers a better super experience.

As simple as setting up a Stake trading account, StakeSMSF is completely digital with customers able to toggle between individual trading and StakeSMSF trading accounts in seconds.

Giving you the freedom to invest your super without pesky % caps or limited portfolio options, you can invest as little or as much in 6,000+ US stocks & ETFs and ASX – all StakeSMSF customers gain early access to ASX (coming soon).


At Stake, we’re focused on giving you a better investing experience but we don’t take into account your personal objectives, circumstances or financial needs. Any advice is of a general nature only.

Please be aware that when investing, all your capital is at risk. As investments carry risk, before making any investment decision, please consider if it’s right for you and seek appropriate taxation and legal advice. Please view our Financial Services Guide before deciding to use or invest on Stake.


*APRA Inaugural Your Future, Your Super Performance Test Results
^Self-Managed Super Funds Data


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