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APRA updates MySuper heatmap
The Australian Prudential Regulation Authority (APRA) has increased scrutiny of underperforming superannuation funds with its first full refresh of the MySuper product heatmap since 2019.
The heatmap uses a graduating colour scheme to provide clear and simple insights into MySuper products across investment performance, fees and costs, and sustainability of member outcomes.
APRA has now released an online, interactive, web-based tool to help users explore the heatmap more easily. Among its features, the tool allows users to sort by trustee, RSE or MySuper product, as well as filtering for single-strategy or lifecycle products.
Since first published in December 2019, 11 of the MySuper products that underperformed the investment benchmarks have exited the industry, 71% of MySuper members are paying less in fees and costs, and an estimated $408 million worth of savings has been achieved.
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