Barbara Drury
On this page
- 20 cheapest super funds
- 20 most expensive super funds
- 10 cheapest All growth super funds (96-100% growth assets)
- 10 cheapest High growth super funds (81-95% growth assets)
- 10 cheapest Growth super funds (61-80% growth assets)
- 10 cheapest Balanced super funds (41-60% growth assets)
- 10 cheapest Conservative super funds (21-40% growth assets)
Following recommendations from both the banking royal commission and the Productivity Commission, fees charged by superannuation funds have been in the spotlight.
The Productivity Commission (PC) review of super found that “(member) balances are eroded by fees and insurance”. It also claimed that fees were “the biggest drain on net returns”.
In response, the government announced plans in its 2020 Budget to introduce a new online comparison tool called YourSuper. Starting on 1 July 2021 and updated quarterly, super funds are ranked by fees and investment returns.
See our review of the YourSuper comparison tool.
It’s critically important that the fees you are paying are good value because what may initially appear to be a small percentage can grow to make a huge difference over time due tothe magic of compounding interest.
Learn how super fund fees impact your net returns, and discover the super and pension funds with the lowest fees.
The PC estimated an increase of just 0.5% a year in fees would reduce the retirement balance of a typical worker (starting work today) by a projected 12% (or $100,000).
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The PC also reported that “Higher fees are clearly associated with lower net returns over the long term”, althoughSuperGuidehas also published analysis from SuperRatings that suggests the full story is more complicated than that. ReadSuperGuidearticleSuper fund fees: Do lower fees mean better net returns?to learn more.
The following tables are based on APRA’s MySuper and Choice heatmaps, covering 1,095 super fund investment options as at June 2021.Continue reading to see the cheapest overall super funds, the cheapest funds for each investment category, and the most expensive funds.
20 cheapest super funds
Listed below are the 20 cheapest super funds for a $50,000 balance. The statistics are provided by APRA and are as of 30 June 2021.
It’s interesting to note that all funds are Choice (members have to actively choose these) rather than MySuper funds (a fund’s default option).
Hostplus has the lowest total fees at just 0.22% ($110 per year on a $50,000 balance) for its Indexed Balanced option. NGS Super, Rest and HESTA also have options below 0.30%.
By comparison the median fee across all funds is 1.07%, which is nearly 5 times as much.
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Hostplus is also the cheapest option at $100,000 and $250,000 balances, but ClearView WealthFoundations – Super is the cheapest at $10,000 and $25,000 balances.
| Fund name | Investment option | Growth allocation | Total fees | Fees as a % of balance | MySuper or Choice? |
|---|---|---|---|---|---|
| Hostplus Personal Super Plan | Indexed Balanced | 75% | $110 | 0.22% | Choice |
| NGS Super – Personal Plan | Indexed Growth | 72% | $130 | 0.26% | Choice |
| Rest Super | Balanced Indexed | 75% | $140 | 0.28% | Choice |
| HESTA – Personal Super Plan | Indexed Balanced Growth | 75% | $145 | 0.29% | Choice |
| ClearView WealthFoundations – Super | IPS Index Base 100* | 98% | $155 | 0.31% | Choice |
| ClearView WealthFoundations – Super | IPS Index Base 50 | 50% | $155 | 0.31% | Choice |
| ClearView WealthFoundations – Super | IPS Index Base 70* | 70% | $155 | 0.31% | Choice |
| Media Super Personal Account | Indexed Balanced | 74% | $160 | 0.32% | Choice |
| Colonial First State – FirstChoice Wholesale Personal Super | Index High Growth | 99% | $170 | 0.34% | Choice |
| Colonial First State – FirstChoice Wholesale Personal Super | Index Balanced | 69% | $175 | 0.35% | Choice |
| Colonial First State – FirstChoice Wholesale Personal Super | Index Moderate | 59% | $175 | 0.35% | Choice |
| AvSuper – Public Offer Account | Diversified Index | 70% | $185 | 0.37% | Choice |
| Alcoa – Accumulation Plan | Capital Stable | 40% | $200 | 0.40% | Choice |
| Vision Personal | Sustainable Balanced | 68% | $210 | 0.42% | Choice |
| AustralianSuper Personal Plan | Indexed Diversified | 70% | $215 | 0.43% | Choice |
| Maritime Super – Accumulation Advantage | Indexed Balanced | 75% | $220 | 0.44% | Choice |
| QSuper – Accumulation | Moderate* | 30% | $220 | 0.44% | Choice |
| Colonial First State – FirstChoice Wholesale Personal Super | Index Conservative | 30% | $225 | 0.45% | Choice |
| QSuper – Accumulation | Socially Responsible* | 58% | $225 | 0.45% | Choice |
| LUCRF Personal Plan | Indexed Balanced | 70% | $230 | 0.46% | Choice |
Source: APRA, SuperRatings
Indexed funds
The vast majority of the cheapest super funds use indexing. Passive index funds aim to track and replicate the performance of a particular market index such as the S&P/ASX 200 Index. They do this by investing in all the underlying investments in that index. This reduces management costs, so investment fees are generally lower than fees for actively managed funds.
Learn more about indexing options for super funds.
20 most expensive super funds
At the other end of the scale there are 20 funds that have fees of 2.0% or higher (based on a $50,000 balance).
The most expensive super fund is Fiducian Super’s Fiducian Ultra Growth Fund, which at 2.98% is more than 13 times the cost of the cheapest fund, and nearly 3 times the cost of the median fund. AMP has 7 funds in the 20 most expensive, while Asgard, Child Care Super, GuildSuper and IOOF all have 2 funds in the list.
| Fund name | Investment option | Growth allocation | Total fees | Fees as a % of balance | MySuper or Choice? |
|---|---|---|---|---|---|
| Fiducian Super | Fiducian Ultra Growth Fund | 97% | $1,490 | 2.98% | Choice |
| AMP SignatureSuper | AMP Capital Multi-Asset* | 51% | $1,320 | 2.64% | Choice |
| AMP Flexible Super (Choice Package) | AMP Capital Multi-Asset* | 51% | $1,275 | 2.55% | Choice |
| Crescent Wealth Super | Growth | 88% | $1,240 | 2.48% | Choice |
| Tidswell Superannuation Fund – Personal Super | Schroder Strategic Growth Fund* | 58% | $1,230 | 2.46% | Choice |
| AMP SignatureSuper Select | AMP Capital Multi-Asset* | 51% | $1,165 | 2.33% | Choice |
| AMP SignatureSuper | AMP Capital Premium Growth | 78% | $1,160 | 2.32% | Choice |
| AMP SignatureSuper Select Personal Superannuation | AMP Capital Multi-Asset* | 51% | $1,140 | 2.28% | Choice |
| Crescent Wealth Super | Balanced | 69% | $1,135 | 2.27% | Choice |
| AMP Flexible Super (Choice Package) | AMP Capital Premium Growth | 78% | $1,115 | 2.23% | Choice |
| Asgard Employee Superannuation Account | SMA High Growth | 96% | $1,075 | 2.15% | Choice |
| IOOF Personal Super (Full Menu) | IOOF MultiMix Growth Trust | 85% | $1,065 | 2.13% | Choice |
| Child Care Super – MyMix | High Growth | 94% | $1,065 | 2.13% | Choice |
| GuildSuper – MyMix | High Growth | 94% | $1,065 | 2.13% | Choice |
| IOOF Personal Super (Full Menu) | IOOF MultiMix Balanced Growth Trust | 70% | $1,040 | 2.08% | Choice |
| Child Care Super – MyMix | Growth | 78% | $1,030 | 2.06% | Choice |
| GuildSuper – MyMix | Growth | 78% | $1,030 | 2.06% | Choice |
| AMP SignatureSuper | Professional Moderately Conservative | 50% | $1,020 | 2.04% | Choice |
| Asgard Employee Superannuation Account | SMA Growth | 86% | $1,020 | 2.04% | Choice |
| Perpetual Select Superannuation Plan | High Growth | 84% | $1,000 | 2.00% | Choice |
Source: APRA, SuperRatings
When SuperGuide publishes information on funds wherever possible we group funds according to the same 5 investment categories, so that investment options are compared with those of a similar risk profile.
The 5 investment categories are:
- All growth (96-100% growth assets)
- High growth (81-95% growth assets)
- Growth (61-80% growth assets)
- Balanced (41-60% growth assets)
- Conservative (21-40% growth assets)
Learn more about risk and investment options in the following SuperGuide articles
- How to grow your super: Know your risk profile
- Balanced, Growth, Defensive: What’s in a name?
- Best performing super and pension funds: Understanding the 5 risk categories
Another factor that influences fees is the percentage of growth assets that an investment option has. Generally speaking, the higher the percentage of growth assets, the higher the fees. This is because defensive assets such as cash generally have lower management costs.
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The following tables show the cheapest super funds for each investment category, for a $50,000 balance.
10 cheapest All growth super funds (96-100% growth assets)
| Fund name | Investment option | Total fees | Fees as a % of balance | MySuper or Choice? |
|---|---|---|---|---|
| ClearView WealthFoundations – Super | IPS Index Base 100* | $155 | 0.31% | Choice |
| Colonial First State – FirstChoice Wholesale Personal Super | Index High Growth | $170 | 0.34% | Choice |
| ClearView WealthFoundations – Super | IPS Index Shares | $275 | 0.55% | Choice |
| ClearView WealthFoundations – Super | IPS Index Strategic 100 | $275 | 0.55% | Choice |
| UniSuper Accumulation Super (1) | Sustainable High Growth | $280 | 0.56% | Choice |
| Sunsuper for Life – Super-savings Account | Shares | $295 | 0.59% | Choice |
| Kogan Super | Indexed Diversified Shares | $300 | 0.60% | Choice |
| Alcoa – Accumulation Plan | Equity | $315 | 0.63% | Choice |
| Vision Personal | Just Shares | $325 | 0.65% | Choice |
| UniSuper Accumulation Super (1) | High Growth | $330 | 0.66% | Choice |
Source: APRA, SuperRatings
10 cheapest High growth super funds (81-95% growth assets)
| Fund name | Investment option | Total fees | Fees as a % of balance | MySuper or Choice? |
|---|---|---|---|---|
| ClearView WealthFoundations – Super | IPS Index Dynamic 90 | $275 | 0.55% | Choice |
| ClearView WealthFoundations – Super | IPS Index Strategic 85 | $275 | 0.55% | Choice |
| ANZ Staff Super – Section A Retained | Aggressive Growth | $290 | 0.58% | Choice |
| MLC MasterKey Super Fundamentals | MLC Index Plus Growth Portfolio | $315 | 0.63% | Choice |
| UniSuper Accumulation Super (1) | Growth | $330 | 0.66% | Choice |
| Meat Industry Employees Superannuation Fund | High Growth Option | $345 | 0.69% | Choice |
| Virgin Money MySuper | 1989 TO 1993 | $360 | 0.72% | MySuper |
| Virgin Money MySuper | 2014 TO 2018 | $365 | 0.73% | MySuper |
| Virgin Money MySuper | 2009 TO 2013 | $365 | 0.73% | MySuper |
| Virgin Money MySuper | 2004 TO 2008 | $365 | 0.73% | MySuper |
| Virgin Money MySuper | 1999 TO 2003 | $365 | 0.73% | MySuper |
| Virgin Money MySuper | 1994 TO 1998 | $365 | 0.73% | MySuper |
| Virgin Money MySuper | 1984 TO 1988 | $365 | 0.73% | MySuper |
| Virgin Money MySuper | 1979 TO 1983 | $365 | 0.73% | MySuper |
| Virgin Money MySuper | 1974 TO 1978 | $365 | 0.73% | MySuper |
| Virgin Money MySuper | 1969 TO 1973 | $365 | 0.73% | MySuper |
| Virgin Money MySuper | 1964 TO 1968 | $365 | 0.73% | MySuper |
| Spaceship Super | Global Index | $370 | 0.74% | Choice |
| Westpac Group Plan MySuper | MySuper 1970s LifeStage | $370 | 0.74% | MySuper |
| Westpac Group Plan MySuper | MySuper 1980s LifeStage | $380 | 0.76% | MySuper |
Source: APRA, SuperRatings
10 cheapest Growth super funds (61-80% growth assets)
| Fund name | Investment option | Total fees | Fees as a % of balance | MySuper or Choice? |
|---|---|---|---|---|
| Hostplus Personal Super Plan | Indexed Balanced | $110 | 0.22% | Choice |
| NGS Super – Personal Plan | Indexed Growth | $130 | 0.26% | Choice |
| Rest Super | Balanced Indexed | $140 | 0.28% | Choice |
| HESTA – Personal Super Plan | Indexed Balanced Growth | $145 | 0.29% | Choice |
| ClearView WealthFoundations – Super | IPS Index Base 70* | $155 | 0.31% | Choice |
| Media Super Personal Account | Indexed Balanced | $160 | 0.32% | Choice |
| Colonial First State – FirstChoice Wholesale Personal Super | Index Balanced | $175 | 0.35% | Choice |
| AvSuper – Public Offer Account | Diversified Index | $185 | 0.37% | Choice |
| Vision Personal | Sustainable Balanced | $210 | 0.42% | Choice |
| AustralianSuper Personal Plan | Indexed Diversified | $215 | 0.43% | Choice |
Source: APRA, SuperRatings
10 cheapest Balanced super funds (41-60% growth assets)
| Fund name | Investment option | Total fees | Fees as a % of balance | MySuper or Choice? |
|---|---|---|---|---|
| ClearView WealthFoundations – Super | IPS Index Base 50 | $155 | 0.31% | Choice |
| Colonial First State – FirstChoice Wholesale Personal Super | Index Moderate | $175 | 0.35% | Choice |
| QSuper – Accumulation | Socially Responsible* | $225 | 0.45% | Choice |
| Colonial First State – FirstChoice Wholesale Personal Super | Index Diversified | $250 | 0.50% | Choice |
| ClearView WealthFoundations – Super | IPS Index Strategic 50 | $265 | 0.53% | Choice |
| ClearView WealthFoundations – Super | IPS Index Dynamic 50 | $275 | 0.55% | Choice |
| UniSuper Accumulation Super (1) | Conservative Balanced | $285 | 0.57% | Choice |
| Commonwealth Essential Super | Balanced | $300 | 0.60% | Choice |
| QSuper Lifetime | Focus 1 Group | $315 | 0.63% | MySuper |
| QSuper Lifetime | Focus 2 Group | $315 | 0.63% | MySuper |
| QSuper Lifetime | Focus 3 Group | $315 | 0.63% | MySuper |
| MLC MasterKey Super Fundamentals | MLC Index Plus Conservative Growth Portfolio | $320 | 0.64% | Choice |
| QSuper – Accumulation | Balanced* | $320 | 0.64% | Choice |
Source: APRA, SuperRatings
10 cheapest Conservative super funds (21-40% growth assets)
| Fund name | Investment option | Total fees | Fees as a % of balance | MySuper or Choice? |
|---|---|---|---|---|
| Alcoa – Accumulation Plan | Capital Stable | $200 | 0.40% | Choice |
| QSuper – Accumulation | Moderate* | $220 | 0.44% | Choice |
| Colonial First State – FirstChoice Wholesale Personal Super | Index Conservative | $225 | 0.45% | Choice |
| QSuper Lifetime | Sustain Group 1 | $235 | 0.47% | MySuper |
| QSuper Lifetime | Sustain Group 2 | $235 | 0.47% | MySuper |
| ClearView WealthFoundations – Super | IPS Index Strategic 30 | $260 | 0.52% | Choice |
| ClearView WealthFoundations – Super | IPS Index Dynamic 30 | $270 | 0.54% | Choice |
| UniSuper Accumulation Super (1) | Conservative | $275 | 0.55% | Choice |
| ANZ Staff Super – Section A Retained | Cautious | $285 | 0.57% | Choice |
| VicSuper FutureSaver – PersonalSaver | Capital Secure Option | $290 | 0.58% | Choice |
Source: APRA, SuperRatings
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About the author
Barbara Drury
Barbara is a financial journalist and author with over 30 years’ experience in Australia and the UK. She is a contributor to The Sydney Morning Herald and The Age Money section, and has worked for the Australian Financial Review and The Australian.
Barbara is the author of Alan Kohler’s Eureka Report Guide to Personal Investing, Sorting Out Your Finances for Dummies and Personal Finance for Dummies and co-author of Investing for Dummies with James Kirby.
Learn more about comparing super funds in the following guides:
How to consolidate multiple super accounts
Getting to know your super fund and what it can do for you
Super and pension fund performance: Where does your fund rank?
YourSuper comparison tool review
How to read a super fund PDS
How to compare super funds in 7 easy steps
Choosing a superfund: Does size really matter?
How to change super funds (in 5 easy steps)
How to benchmark your super fund
Member services: What separates the best super funds from the rest?
Learn more about super fees in the following guides:
Super fund fees and charges you need to know about
How super fund fees impact your net returns
What are average super fund fees?
Super fund fees: Do lower fees mean better net returns?
Super funds mentioned in this guide
HostplusREST SuperNGS SuperClearView Retirement PlanAustralianSuperVision SuperUniSuperRelated topics
Choosing a super fund 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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