41st Heron Quality Star Ratings Released
Released: 1 July 2026
2026-27 Financial Year Assessment
Leading independent superannuation and actuarial consultancy, The Heron Partnership, has released its latest half-yearly assessment of superannuation funds.
The 2026-27 financial year assessment is the 41st public assessment undertaken by Heron. It covers all major superannuation products, including commercial products, industry funds and specialist "corporate" products.
The Heron Partnership's Managing Director, Chris Butler said, "It is our pleasure to congratulate all superannuation products being awarded 5 Heron Quality Stars in this rating period. The goal of the Heron rating process is to provide a realistic and impartial representation of the strengths and weaknesses of each superannuation product’s features. Being based on product features, with feature specific benchmarks, we are able to rate each feature objectively."
The following table lists the superannuation products that received Heron's highest rating.
Outstanding Superannuation Products
| Acclaim Super | Hostplus |
| AMP Super | Hostplus Executive |
| ANZ Smart Choice Super for employers and their employees | Hostplus Personal Super Plan |
| Australian Retirement Trust - QSuper | IOOF Employer Super |
| Australian Retirement Trust - Super Savings | IOOF Personal Super |
| Australian Retirement Trust - Super Savings Business | legalsuper |
| Australian Retirement Trust - Super Savings Corporate | Media Super Industry |
| AustralianSuper Personal Plan | Mercer SmartSuper Plan - Employer Section |
| AustralianSuper Plan | Mercer Super Trust - Corporate Superannuation Division |
| AustralianSuper Select | MLC MasterKey Business Super |
| Aware Super | MLC MasterKey Super Fundamentals |
| Brighter Super | NGS Super |
| CareSuper | OneAnswer Frontier Personal Super |
| Catholic Super | Plum Super - Corporate Division |
| Cbus Super | Plum Super - Personal Division |
| Colonial First State FirstChoice Employer Super | Rest Corporate |
| Colonial First State FirstChoice Wholesale Personal Super | Rest Super |
| Equip MyFuture | Russell Investments Master Trust - iQ Super - Employer |
| Equip MyFuture - Corporate | Russell Investments Master Trust - iQ Super - For Life |
| eXpand Super | smartMonday PRIME |
| First Super | Team Super |
| HESTA Corporate Super | UniSuper |
| HESTA Super | Vision Super - Vision Personal |
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 products.
| AMP Super | IOOF Employer Super | |
| ANZ Smart Choice Super for employers and their employees | IOOF Personal Super | |
| Australian Retirement Trust - QSuper | legalsuper | |
| Australian Retirement Trust - Super Savings | Media Super Industry | |
| Australian Retirement Trust - Super Savings Business | Media Super Personal | |
| Australian Retirement Trust - Super Savings Corporate | Mercer SmartSuper Plan - Employer Section | |
| AustralianSuper Personal Plan | Mercer SmartSuper Plan - Individual Section | |
| AustralianSuper Plan | Mercer Super Trust - Corporate Superannuation Division | |
| AustralianSuper Select | MLC MasterKey Business Super | |
| Aware Super | NGS Super | |
| Brighter Super | Plum Super - Corporate Division | |
| BUSSQ | REI Super | |
| CareSuper | Rest Corporate | |
| Catholic Super | Rest Super | |
| Cbus Super | Russell Investments Master Trust - iQ Super - Employer | |
| Colonial First State FirstChoice Employer Super | Russell Investments Master Trust - iQ Super - For Life | |
| Equip MyFuture | smartMonday PRIME | |
| Equip MyFuture (Corporate) | Team Super | |
| HESTA Corporate Super | UniSuper Accumulation Super (1) | |
| HESTA Super | UniSuper Accumulation Super (2) | |
| Hostplus | UniSuper Personal Account | |
| Hostplus Executive | Vision Super - Vision Personal | |
| Hostplus Personal Super Plan |
The assessment of personal and corporate superannuation products undertaken by Heron covers about 130 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 |
| Brighter Super |
| CareSuper |
| Catholic Super |
| Equip MyFuture |
| HESTA Super |
| Rest Super |
| Team 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 Super |
| AustralianSuper Plan and AustralianSuper Personal Plan | Australian Retirement Trust - Super Savings Corporate |
| Brighter Super | AustralianSuper Select |
| Equip MyFuture | Colonial First State FirstChoice Employer Super |
| Hostplus | Equip MyFuture (Corporate) |
| IOOF Personal Super | IOOF Employer Super |
| legalsuper | Mercer SmartSuper Plan - Employer Section |
| Mercer SmartSuper Plan - Individual Section | Mercer Super Trust - Corporate Superannuation Division |
| Plum Super - Personal Division | MLC MasterKey Business Super |
| UniSuper | Plum Super - Corporate Division |
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 | Australian Retirement Trust - Super Savings Corporate |
| CareSuper | Colonial First State FirstChoice Employer Super |
| Catholic Super | HESTA Corporate Super |
| Equip MyFuture | IOOF Employer Super |
| Hostplus | Mercer SmartSuper Plan - Employer Section |
| legalsuper | Mercer Super Trust - Corporate Superannuation Division |
| MLC MasterKey Super Fundamentals | MLC MasterKey Business Super |
| NGS Super | Plum Super - Corporate Division |
| Plum Super - Personal Division | Russell Investments Master Trust - iQ Super - Employer |
| UniSuper | 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.