39th Heron Quality Star Ratings Released
Released: 15 July 2025
2025-26 Financial Year Assessment
Leading independent superannuation and actuarial consultancy, The Heron Partnership, has released its latest half-yearly assessment of superannuation funds.
Originally launched in 2006, the 2025/26 financial year assessments are the 39th 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, "The goal of the Heron rating process is to provide a realistic and impartial representation of the strengths and weaknesses of each superannuation product. Our public ratings are based on feature specific benchmarks that enable us 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 |
| 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 | Telstra Super - Personal Plus |
| HESTA Corporate Super | UniSuper |
| HESTA Super | Vision Super - Vision Personal |
| Hostplus | |
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 (Employer Sponsored) | 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 | |
| CareSuper | REI Super | |
| Catholic Super | Rest Corporate | |
| Cbus Super | Rest Super | |
| Colonial First State FirstChoice Employer Super | Russell Investments Master Trust - iQ Super - Employer | |
| Equip MyFuture | Russell Investments Master Trust - iQ Super - For Life | |
| Equip MyFuture (Corporate) | smartMonday PRIME | |
| 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.
- AustralianSuper
- Brighter Super
- CareSuper
- Cbus Super
- HESTA Super
- Media Super
- Mercer (SmartStart Plan and MST Corporate Superannuation Division
- Rest 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 | AustralianSuper Select |
| Brighter Super | CareSuper (formerly Employee Plan) |
| CareSuper (formerly Personal Plan) | 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 |
|---|---|
| Australian Retirement Trust - Super Savings | Australian Retirement Trust - Super Savings Corporate |
| Catholic Super | Colonial First State FirstChoice Employer Super |
| Equip MyFuture | HESTA Corporate Super |
| First Super | IOOF Employer Super |
| Hostplus | Mercer SmartSuper Plan - Employer Section |
| legalsuper | Mercer Super Trust - Corporate Superannuation Division |
| NGS Super | MLC MasterKey Business Super |
| Plum Super - Personal Division | 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.