40th Heron Quality Star Ratings Released
Released: 12 February 2026
2026 Calendar Year Assessment
The Heron Partnership, a leading independent superannuation and actuarial consultancy, has released its latest half-yearly assessment of superannuation funds.
Originally launched in 2006, the 2026 calendar year assessments are the 40th public assessment undertaken by Heron. Covering all major superannuation products, the ratings included commercial products, industry funds and specialist "corporate" products.
The Heron Partnership's Managing Director, Chris Butler, said, "We are very pleased to congratulate all superannuation products on being awarded 5 Heron Quality Stars in our 20th year of publicly rating superannuation funds. 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 Executive |
| AMP SignatureSuper | Hostplus Personal Super Plan |
| ANZ Smart Choice Super for employers and their employees | IOOF Employer Super |
| Australian Retirement Trust - QSuper | IOOF Personal Super |
| Australian Retirement Trust - Super Savings | legalsuper |
| Australian Retirement Trust - Super Savings Business | Media Super Industry |
| Australian Retirement Trust - Super Savings Corporate | Mercer SmartSuper Plan - Employer Section |
| AustralianSuper Personal Plan | Mercer Super Trust - Corporate Superannuation Division |
| AustralianSuper Plan | MLC MasterKey Business Super |
| AustralianSuper Select | MLC MasterKey Super Fundamentals |
| Aware Super | NGS Super |
| Brighter Super | OneAnswer Frontier Personal Super |
| CareSuper | Plum Super - Corporate Division |
| Catholic Super | Plum Super - Personal Division |
| Cbus 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 PRIME |
| eXpand Super | Team Super |
| First Super | Telstra Super - Personal Plus |
| HESTA Corporate Super | UniSuper |
| HESTA Super | Vision Super - Vision Personal |
| Hostplus | |
20 Year Anniversary Award
The following products have achieved 5 Stars in every one of the 40 half-yearly assessments we have undertaken over the past 20 years since our public ratings commenced.
| AMP SignatureSuper |
| Australian Retirement Trust - Super Savings Corporate |
| AustralianSuper |
| CareSuper |
| Equip MyFuture |
| HESTA Super |
| Hostplus |
| Mercer Super Trust |
| MLC MasteryKey Business Super |
| Plum Super - Corporate Division |
| Plum Super - Personal Division |
| Rest Super |
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 SignatureSuper | 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 MySuper | 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 | TelstraSuper - Personal Plus | |
| HESTA Super | UniSuper Accumulation Super (1) | |
| Hostplus | UniSuper Accumulation Super (2) | |
| Hostplus Executive | UniSuper Personal Account | |
| Hostplus Personal Super Plan | Vision Super - Vision Personal |
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.
| AMP SignatureSuper |
| Australian Retirement Trust - QSuper |
| AustralianSuper |
| Brighter Super |
| Equip MyFuture |
| HESTA Super |
| Rest Super |
| smartMonday PRIME |
| 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 and AustralianSuper Personal Plan | Australian Retirement Trust - Super Savings Corporate |
| Brighter Super | AustralianSuper Select |
| Equip MyFuture | Colonial First State FirstChoice Employer Super |
| Hostplus | IOOF Employer Super |
| IOOF Personal Super | Mercer SmartSuper Plan - Employer Section |
| Mercer SmartSuper Plan - Individual Section | Mercer Super Trust - Corporate Superannuation Division |
| Plum Super - Personal Division | MLC MasterKey Business Super |
| Russell Investments Master Trust - iQ Super - For Life | Plum Super - Corporate Division |
| UniSuper | 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 |
|---|---|
| CareSuper | Australian Retirement Trust - Super Savings Corporate |
| Catholic Super | Colonial First State FirstChoice Employer Super |
| First Super | HESTA Corporate Super |
| Hostplus | IOOF Employer Super |
| Hostplus Executive & Hostplus Personal Super Plan | 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 |
| Telstra Super - Personal Plus | 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 and their Heron Advisor product research and comparison service.