36th Heron Quality Star Ratings Released
Released: 30 January, 2024
2024 Calendar Year Assessment
Leading independent superannuation and actuarial consultancy, The Heron Partnership, has released its latest half-yearly assessment of superannuation funds for calendar year 2024.
Originally launched in 2006, the 2024 calendar year ratings are the 36th public assessment undertaken by Heron. These ratings covered the major superannuation products, and included commercial products, industry funds and specialist "corporate" products.
The Heron Partnership's Managing Director, Chris Butler, said, "Our objective through the Heron Quality Star rating process is to provide a realistic and impartial representation of the strengths and weaknesses of each product. These public ratings are based on feature specific benchmarks that enable us to rate each feature objectively.
Of the superannuation products assessed, 53 have been judged as outstanding quality and awarded 5 Heron Quality Stars. We believe this in itself is an endorsement of the overall quality of the major superannuation products available in the Australian market."
The following table lists the superannuation products that received Heron's highest rating.
Outstanding Superannuation Products
| Acclaim Super | Hostplus Personal Super Plan |
| Active Super | IOOF Employer Super |
| AMP SignatureSuper | IOOF Personal Super |
| ANZ Smart Choice Super (Employer Sponsored) | legalsuper |
| Australian Retirement Trust - Super Savings | Media Super Industry |
| Australian Retirement Trust - Super Savings Business | Mercer SmartSuper Plan - Employer Section |
| Australian Retirement Trust - Super Savings Corporate | Mercer Super Trust - Corporate Superannuation Division |
| AustralianSuper Personal Plan | Mine Super |
| AustralianSuper Plan | MLC MasterKey Business Super |
| AustralianSuper Select | MLC MasterKey Super Fundamentals |
| Aware Super | MLC Navigator Retirement Plan Series 2 |
| Brighter Super | MLC Wrap Super Series 2 |
| CareSuper Employee Plan | NGS Super |
| CareSuper Personal Plan | OneAnswer Frontier Personal Super |
| Catholic Super | Plum Super - Corporate Division |
| Cbus Corporate Super | Plum Super - Personal Division |
| Cbus Industry Super | Rest Corporate |
| Colonial First State FirstChoice Employer Super | Rest Super |
| Colonial First State FirstChoice Wholesale Personal Super | Russell Investments Master Trust - iQ Super - Employer |
| Equip MyFuture | Russell Investments Master Trust - iQ Super - For Life |
| Equip MyFuture - Corporate | smartMonday DIRECT |
| eXpand Super | smartMonday PRIME |
| First Super | Spirit Super |
| HESTA Corporate Super | Telstra Super - Personal Plus |
| HESTA Super | UniSuper |
| Hostplus | Vision Super - Vision Personal |
| Hostplus Executive |
MySuper Investment Option
Heron has again undertaken an assessment of each products MySuper investment option. For their MySuper rating Heron considers the type of option (LifeStages or Single Diversified), the reliability of the historical return history, the TAA range, the level and type of active/passive management, actual or indicative historical investment performance, ease of understanding and fee based on the PDS disclosure. In addition, in assessing the LifeStages options Heron considered whether the structure included cohorts, the cohort age band period and the cohort curve shape.
Based on this assessment criteria, Heron awarded 5 Stars to the following 46 products.
| AMP SignatureSuper | Hostplus Personal Super Plan |
| Australian Retirement Trust - Super Savings | IOOF Employer Super |
| Australian Retirement Trust - Super Savings Business | IOOF Personal Super |
| Australian Retirement Trust - Super Savings Corporate | Media Super Industry |
| AustralianSuper Personal Plan | Media Super Personal |
| AustralianSuper Plan | Mercer SmartSuper Plan - Employer Section |
| AustralianSuper Select | Mercer SmartSuper Plan - Individual Section |
| Aware Super | Mercer Super Trust - Corporate Superannuation Division |
| Bendigo SmartStart Super | Mine Super |
| Brighter Super | NGS Super |
| BUSSQ MySuper | REI Super |
| CareSuper Employee Plan | Rest Corporate |
| CareSuper Personal Plan | Rest Super |
| Catholic Super | Russell Investments Master Trust - iQ Super - Employer |
| Cbus Corporate Super | Russell Investments Master Trust - iQ Super - For Life |
| Cbus Industry Super | smartMonday PRIME |
| Colonial First State FirstChoice Employer Super | Spirit Super |
| Equip MyFuture | TelstraSuper - Personal Plus |
| Equip MyFuture Corporate | TWUSUPER Industry |
| HESTA Corporate Super | UniSuper Accumulation Super 1 |
| HESTA Super | UniSuper Accumulation Super 2 |
| Hostplus | UniSuper Personal Account |
| Hostplus Executive | Vision Super - Vision Personal |
The assessment of personal and corporate superannuation products undertaken by Heron covers about 120 key product features that are grouped under 5 Areas of Importance of Investment Arrangements, Insurance, Contributions, Ancillary Benefits, and Communications. Investments and Insurance have the greatest impact on a product's rating with weightings of 55% and 30% respectively.
Based on Heron's numeric rating the following products have been designated as Top Ten MySuper Products.
- AustralianSuper Plan
- Brighter Super
- Cbus Super
- HESTA Super
- Mercer Super Trust - Corporate Superannuation Division & SmartSuper Plan
- Mine Super
- Rest Super
- Spirit Super
- UniSuper
- Vision Super - Vision Personal
Based on Heron's numeric rating the following products have been designated as Top Ten Products for Investment Features and as Top Ten Products for Insurance Features.
In alphabetical order the Top 10 Personal and Corporate Products in respect to Investment Features are:
Top 10 Investment Features
| Personal | Corporate |
|---|---|
| Australian Retirement Trust - Super Savings | AMP SignatureSuper |
| AustralianSuper Plan | Australian Retirement Trust - Super Savings Business |
| Brighter Super | Australian Retirement Trust - Super Savings Corporate |
| Hostplus | AustralianSuper Select |
| IOOF Personal Super | IOOF Employer Super |
| Mercer SmartSuper Plan - Individual Section | Mercer SmartSuper Plan - Employer Section |
| Plum Super - Personal Division | Mercer Super Trust - Corporate Superannuation Division |
| Russell Investments Master Trust - iQ Super - For Life | MLC MasterKey Business Super |
| UniSuper Accumulation Super 1 | Plum Super - Corporate Division |
| Vision Super - Vision Personal | Russell Investments Master Trust - iQ Super - Employer |
In alphabetical order the Top 10 Personal and Corporate Products in respect to Insurance Features are:
Top 10 Insurance Features
| Personal | Corporate |
|---|---|
| Australian Retirement Trust - Super Savings | AMP SignatureSuper |
| Catholic Super | Australian Retirement Trust - Super Savings Corporate |
| Equip MyFuture | Colonial First State FirstChoice Employer Super |
| First Super | HESTA Corporate Super |
| HESTA Super | Mercer SmartSuper Plan - Employer Section |
| Hostplus | Mercer Super Trust - Corporate Superannuation Division |
| legalsuper | MLC MasterKey Business Super |
| NGS Super | Plum Super - Corporate Division |
| smartMonday DIRECT | Russell Investments Master Trust - iQ Super - Employer |
| Telstra Super - Personal Plus | smartMonday PRIME |
The Heron Quality Star Ratings have 5 levels as follows:
| Rating | Definition |
|---|---|
| 5 Stars | Outstanding |
| 4 Stars | Commendable |
| 3 Stars | Good |
| 2 Stars | Poor |
| 1 Star | Unacceptable |
Details of the Heron Quality Star Ratings, including the assessment methodology and products awarded with 5 Heron Quality Stars, are featured on The Heron Partnership's web site and their Heron Advisor product research and comparison service.