Important update

2023 performance test

The performance test has been introduced by the Australian Government and is intended to hold trustees accountable for performance of investment options offered to members.  

For 2023, the test has compared the returns of selected investment options held within your super product (after your super fund deducts fees) with the returns of a comparable product.

It is important to note that the test is an assessment of an investment option over the full period and is based on a standard set of investment benchmarks, account balance ($50,000) and fee parameters. As a consequence, it may not be a measure of your individual experience with the investment option/s. 

The test started on 1 July 2021 for default investment options known as MySuper, and for 2023 has been extended to include “trustee-directed products” (TDPs). If MySuper or a TDP fails the performance test in one year, the trustee is required to notify members that have invested in that option. If the investment option fails the performance test two years in a row, in addition to notifying affected members, the trustee will not be allowed to offer that investment option to new members until a future test is passed, although members that hold those options will be allowed to continue to hold and invest future monies in the option. 

Note that this is the first year the performance test has applied to TDPs. The Government requires us to publish the list of investment options that have not passed the annual performance test.

If you were invested in any of the investment options that failed the performance test for 2023, you’ll receive a letter about this by 27 September 2023.