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Home / Super funds / Best performing pension funds / Best performing pension funds: Balanced category (41–60%)

Best performing pension funds: Balanced category (41–60%)

February 15, 2021 by Nicole Small Leave a Comment

Reading time: 3 minutes

On this page

  • What is a Balanced investment option?
  • Top 10 Balanced investment options (pension funds): 1 year to December 2020
  • Top 10 Balanced investment options (pension funds): 10 years to December 2020

Important: Past performance is not necessarily a guide to future performance. The returns that super funds achieve will change over time and readers should continue to monitor their super’s performance.

All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs. You should consider whether any information on SuperGuide is appropriate to you before acting on it. If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions.


In this article you can discover the top 10 performing Balanced pension funds over 1 year and 10 years. We recommend that you also read our explanatory article Introduction to SuperGuide’s top 10 performing super fund lists which can help you understand how to compare the different risk categories that super investment options sit within. 

What is a Balanced investment option?

Investment options with a 41–60% allocation to growth assets are termed Balanced by Chant West, a research company that has been analysing super fund performance for more than 20 years.

Balanced investment options may appeal to people who want a more balanced mix of growth and defensive assets.

Many super funds label their investment options as Balanced and in SuperGuide’s research these investment options can have between 49% and 80% of growth assets. Investment options that have between 61% and 80% of growth assets are classified as Growth category.


Good to know

Investments such as shares, property, infrastructure and private equity are referred to as growth assets for their ability to produce strong returns over the long term, but they are more likely to experience volatility (and even negative returns) in shorter timeframes. Conversely, assets like cash and fixed interest are referred to as defensive assets for their ability to defend against volatility, but generally cannot produce high returns over long periods of time.


How does a Balanced investment option behave?

In the short term, investment options in the Balanced risk category may experience more volatility than a Conservative-style investment but less volatility than a Growth-style investment.

In the long term, a Balanced-style investment option will generally grow more than a Conservative-style investment option but not as much as a Growth-style investment option.

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Top 10 Balanced investment options (pension funds): 1 year to December 2020

Super fundInvestment optionReturn
SuncorpMulti-Manager Balanced9.0%
Vision SuperBalanced6.3%
CbusConservative Growth5.6%
AustralianSuperConservative Balanced5.5%
CFSFirstChoice Moderate4.4%
Super SAModerate4.3%
Aust Catholic Super & RetConservative Balanced4.2%
Super SAConservative3.8%
StatewideConservative Balanced3.7%
Energy SuperCapital Managed3.7%

Source: Chant West. The top 10 is limited to Balanced options with assets of $1 billion or more. Performance is shown net of investment fees and tax, and before administration and adviser commissions.


If your pension fund is not listed as one of the top performers, check where it appears in our pension fund rankings:

  • Pension fund rankings: All Growth category (96–100%)
  • Pension fund rankings: High Growth category (81–95%)
  • Pension fund rankings: Growth category (61–80%)
  • Pension fund rankings: Balanced category (41–60%)
  • Pension fund rankings: Conservative category (21–40%)

2020 was a roller coaster year for superannuation and the global economy in general, but the median 1 year return for Balanced investment options across the board was 3.3%.


Median returns track the mid-point of all contenders in any one category and are good way to add context to what you’re looking at. You can see the median returns of all risk categories over a broad range of timeframes here.


Below you can find the top 10 performing Balanced investment options over 1 year to June 2020. Click the arrow to see the top 10, or continue reading to discover the top 10 performing Balanced investment options over 10 years.

Top 10 Balanced investment options (pension funds): 10 years to June 2020
Super fundInvestment optionReturn
Suncorp Multi-Manager Balanced4.1%
CbusConservative Growth2.6%
VicSuperCapital Stable2.2%
LGIASuperBalanced1.7%
AustralianSuperConservative Balanced1.5%
First State SuperBalanced1.2%
Legal SuperConservative Balanced1.0%
Australian Catholic Super & RetirementConservative Balanced0.8%
StatewideConservative Balanced0.5%
TelstraSuperDefensive Growth0.5%

Source: Chant West. The top 10 is limited to Balanced options with assets of $1 billion or more. Performance is shown net of investment fees and tax, and before administration and adviser commissions.

Playing the long game

It’s important to keep an eye on how your pension is performing for you year to year (and interesting to see how other funds have performed), but for most people, superannuation will be the longest-held investment we ever have, and our lens on super should reflect that. 

Longer-term figures are more significant because they incorporate the ups and downs over that entire period, and allow us to see which investment managers can consistently deliver superior performance, regardless of changing external conditions. 

Top 10 Balanced investment options (pension funds): 10 years to December 2020

Super fundInvestment optionReturn (% per yr)
AustralianSuperConservative Balanced8.6%
Vision SuperBalanced8.5%
TelstraSuperDefensive Growth8.4%
HostplusConservative Balanced8.1%
UniSuperConservative Balanced8.0%
Aware SuperBalanced7.9%
Aust Catholic Super & RetConservative Balanced7.7%
LGIASuperBalanced7.6%
CareSuperConservative Balanced7.6%
Legal SuperConservative Balanced7.6%

Source: Chant West. The top 10 is limited to Balanced options with assets of $1 billion or more. Performance is shown net of investment fees and tax, and before administration and adviser commissions.

Again median figures can provide good context. In the ten-year period to December 2020, Balanced investment options as a category delivered a median return of 7.5%. 

A small difference in performance makes a big difference over time

Although the difference between the top performer and the median may not seem that significant (1.1% per year), the difference builds up significantly over time due to compounding. We have developed the SuperGuide Super fees and returns calculator to help readers understand the difference the fees they pay and projected returns may make over time.

For example, for a 67-year-old with $500,000 in super achieving 8.6% per year, their super balance would grow to approximately $1,123,415 by age 85 (assuming 0.8% in fees and not withdrawing any super) .

All other things being equal, achieving 7.5% instead would mean a super balance of approximately $928,745 – a difference of $196,671, or approximately 17% less.

But don’t forget sequencing risk

When you are nearing or in retirement it is important to allow for sequencing risk, particularly if you need to draw down a significant part of your super balance.

Learn more in SuperGuide article 5 ways sequencing risk affects your retirement.

Top 10 Balanced investment options (pension funds): 10 years to June 2020
Super fundInvestment optionReturn (% per yr)
AustralianSuperConservative Balanced8.6%
TelstraSuperDefensive Growth8.5%
UniSuperConservative Balanced8.3%
HostplusConservative Balanced8.2%
First State SuperBalanced7.9%
LGIASuperBalanced7.8%
Energy SuperCapital Managed7.6%
Legal SuperConservative Balanced7.6%
CareSuperConservative Balanced7.6%
CFS FirstChoice Moderate7.4%

Source: Chant West. The top 10 is limited to Balanced options with assets of $1 billion or more. Performance is shown net of investment fees and tax, and before administration and adviser commissions.

© Zenith CW Pty Ltd ABN 20 639 121 403 (Chant West), Authorised Representative of Zenith Investment Partners Pty Ltd ABN 27 103 132 672, AFSL 226872 under AFS Representative Number 1280401 2020.

The data provided by Chant West is based on information supplied by third parties and does not contain all the information required to evaluate the nominated service providers, you are responsible for obtaining further information as required. The data provided by Chant West does not constitute financial product advice. However, to the extent that this data is advice it is General Advice (s766B Corporations Act) and Chant West has not taken into account the objectives, financial situation or needs of any specific person who may access or use this data. It is not a specific recommendation to purchase, sell or hold any product(s) and is subject to change at any time without prior notice. Individuals should consider the appropriateness of any advice in light of their own objectives, financial situations or needs and should obtain a copy of and consider any relevant PDS or offer document before making any decision. Data is provided in good faith and is believed to be accurate, however, no representation, warranty or undertaking in relation to the accuracy or completeness of the data is provided. Data provided is subject to copyright and may not be reproduced, modified or distributed without the consent of the copyright owner. Except for any liability which can not be excluded, Chant West does not accept any liability whether direct or indirect, arising from use of this data. Past performance is not an indication of future performance. Full details regarding Chant West’s research methodology, processes, ratings definitions are available at www.chantwest.com.au and Chant West’s Financial Services Guide is available at www.chantwest.com.au/financial-services-guide.

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Learn more about taking a super pension in the following SuperGuide articles:

Definitive guide to the Transfer Balance Cap

March 5, 2021

Consider these two risks before you start a super pension

April 9, 2020

What strategies can I consider to reduce tax on my super pension?

April 1, 2020

Minimum pension payments for 2020/21 (including calculator)

April 1, 2020

Guide to transition-to-retirement pensions (TTRs or TRISs)

March 22, 2020

Choosing a pension fund

February 14, 2020

Proportioning rule and super tax: What it is and why it matters

July 12, 2019

Starting a pension from your super

July 1, 2019

What are annuities, and will they work for me?

February 1, 2019

Learn more about the best performing pension funds in the following SuperGuide articles:

Best performing pension funds: All Growth category (96–100%)

February 15, 2021

Best performing pension funds: High Growth category (81–95%)

February 15, 2021

Best performing pension funds: Growth category (61–80%)

February 15, 2021

Best performing pension funds: Conservative category (21–40%)

February 15, 2021

Super funds mentioned in this article

Suncorp Master Trust Cbus (Construction & Building Unions Superannuation) VicSuper (Victorian Superannuation Fund) LGIAsuper AustralianSuper First State Super (First State Superannuation Scheme) legalsuper Statewide Super (Statewide Superannuation Trust) TelstraSuper (Telstra Superannuation Scheme) UniSuper Hostplus Superannuation Fund Energy Super Colonial First State FirstChoice Superannuation Trust CareSuper

Related topics

Best performing pension funds Super funds

IMPORTANT: All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs. You should consider whether any information on SuperGuide is appropriate to you before acting on it. If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions. Comments provided by readers that may include information relating to tax, superannuation or other rules cannot be relied upon as advice. SuperGuide does not verify the information provided within comments from readers. Learn more

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All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs.

You should consider whether any information on SuperGuide is appropriate to you before acting on it.

If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions.

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