The ATO YourSuper comparison tool was launched as part of the Your Future Your Super reform that introduced annual performance testing of super products. When a product fails the test, its trustee must write to members to inform them of the failure and suggest they use the tool to search for an alternative fund.
Despite the extension of the performance test to choice products in 2023, the comparison tool still lists only MySuper options. Along with this limitation, other pitfalls are that a comparison of investment return is displayed without acknowledgment of the differences in asset allocation (and risk) between products and fees are displayed only as a total figure, with no explanation of indirect fees versus fees deducted from your balance.
Our video review demonstrates how to use the comparison tool while keeping these issues in mind to shortlist products you may wish to consider.
To find out how to make a more comprehensive super fund comparison, including selecting a non-MySuper option, see our sections on comparing super funds, choosing an investment option, and your risk profile.
You can access the YourSuper comparison tool here.
Transcript
Hi, I’m Kate from SuperGuide. Welcome to our review of the Your Super comparison tool. This tool certainly can be of use if you’re wanting to compare superannuation funds, but it does have some limitations.
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