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Heron Quality Star Ratings - 2014/15 Financial Year Superannuation Product Assessment Released
Released: 1 August, 2014
2014/15 Financial Year Superannuation Product Assessment Released
The latest half-yearly assessment of superannuation funds for financial year 2014/15 has just been released by The Heron Partnership, a leading independent superannuation and actuarial firm.
Heron, in there 17th public assessment, covered 227 superannuation products, which included 123 personal products (comprising 60 master trusts & 63 industry funds), 25 master trust and industry fund products specifically designed for the corporate superannuation market and 79 retirement products.
The superannuation products rated as “outstanding quality” and therefore awarded 5 Heron Quality Stars are (in alphabetical order) as follows.
Outstanding Superannuation Products
| AMG Universal Super - Corporate Super | HOSTPLUS Executive |
| AMP CustomSuper | HOSTPLUS Personal Super Plan |
| AMP Flexible Super | Intrust Super |
| AMP Flexible Super - Employer | IOOF Employer Super |
| AMP SignatureSuper | IOOF Employer Super - Personal Division |
| AMP SignatureSuper Select | IOOF Portfolio Service Personal Superannuation |
| AMP Summit - Personal Super | legalsuper |
| ANZ Smart Choice Super (Employer Sponsored) | Local Government Super Accumulation Scheme |
| ANZ Smart Choice Super and Pension | Macquarie - Super Accumulator |
| Aon Master Trust - Corporate Super - Essentials | Mercer SmartSuper - Employer Section |
| Aon Master Trust - Personal Super Essentials | Mercer Super Trust |
| Asgard Elements Super | Mercy Super - Mercy Super |
| Asgard Employee Super | MLC MasterKey Business Super |
| Asgard eWRAP Super | MLC MasterKey Super & Pension |
| Asgard Infinity eWRAP Super | MLC MasterKey Super Fundamentals |
| AustralianSuper | MLC Navigator Retirement Plan |
| AustralianSuper Corporate | MLC Navigator Retirement Plan Series 2 |
| AustralianSuper Finsuper Division | MLC Wrap Super - Super Service |
| AustralianSuper Personal | MLC Wrap Super - Super Service Series 2 |
| AustralianSuper Public Sector Division | Nationwide Superannuation Fund |
| AustralianSuper Westscheme Division | netwealth Super Accelerator Core – Employer Sponsored Super |
| BT Business Super | netwealth Super Wrap - Employer Sponsored Super |
| BT Lifetime Super - Employer Plan | NGS |
| BT SuperWrap Essentials Personal Super Plan | OnePath Corporate Super |
| BT SuperWrap Personal Super Plan | OnePath Integra Super |
| BUSS(Q) Premium Choice | OnePath OneAnswer Frontier Personal Super |
| CareSuper - Employee Plan | Perpetual Select Superannuation Plan |
| CareSuper - Personal Plan | Plum Superannuation Fund |
| Club Super | Plum Superannuation Fund - Personal Division |
| Colonial First State FirstChoice Employer Super | Pursuit Core Personal Superannuation |
| Colonial First State FirstChoice Personal Super | Pursuit Select Personal Superannuation |
| Colonial First State FirstChoice Wholesale Personal Super | REST Acumen |
| EISS Super | REST Corporate |
| Equip Personal | REST Select |
| EquipExpress | REST Super |
| Equity Super Freedom of Choice - Business Super | Russell SuperSolution Master Trust - Employer Division |
| Equity Super Freedom of Choice - Corporate Super | Russell SuperSolution Master Trust - General Division |
| Equity Super Freedom of Choice - Personal Super Service | Russell SuperSolution Master Trust - Private Division |
| EquitySuper Employer Service | Strategy Retirement Fund |
| First State Super | Sunsuper Corporate |
| Generations - Personal Super | Sunsuper for life |
| Government Employees Superannuation Board – (GESB) Super | Tasplan |
| GuildSuper | Telstra Super - Personal Plus |
| HESTA | Unisuper Accumulation Super (1) |
| HOSTPLUS | VicSuper FutureSaver |
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 score with respective weightings of 55% and 30%.
In respect to the two most important aspects assessed, Heron has classified the following superannuation products as a Top Ten Product for Investment Features and Insurance Features.
In alphabetical order the Top 10 Personal and Corporate Products in respect to Investment Features are:
Top 10 Investment Features
| Personal | Corporate |
|---|---|
| Asgard Elements Super | Asgard Employee Super |
| Asgard eWRAP Super | AMP CustomSuper |
| Asgard Infinity eWRAP Super | AMP Flexible Super - Employer |
| IOOF Employer Super - Personal Division | AMP SignatureSuper |
| IOOF Portfolio Service Personal Superannuation | AMP SignatureSuper Select |
| MLC Navigator Retirement Plan | IOOF Employer Super |
| MLC Navigator Retirement Plan Series 2 | Mercer SmartSuper - Employer Section |
| MLC Wrap Super - Super Service | Mercer Super Trust |
| MLC Wrap Super - Super Service Series 2 | MLC MasterKey Business Super |
| Macquarie - Super Accumulator | Russell SuperSolution Master Trust - Employer Division |
In alphabetical order the Top 10 Personal and Corporate Products in respect to Insurance Features are:
Top 10 Insurance Features
| Personal | Corporate |
|---|---|
| Asgard Elements Super | ANZ Smart Choice Super (Employer Sponsored) |
| Asgard eWRAP Super | Aon Master Trust - Corporate Super - Essentials |
| Asgard Infinity eWRAP Super | Asgard Employee Super |
| ANZ Smart Choice Super and Pension | BT Business Super |
| HOSTPLUS | BT Lifetime Super - Employer Plan |
| Nationwide Superannuation Fund | IOOF Employer Super |
| NGS Super | MLC MasterKey Business Super |
| Perpetual MySuper | OnePath Corporate Super |
| Perpetual Select Superannuation Plan | Plum Superannuation Fund |
| Sunsuper for life | Sunsuper Corporate |
The Pension products rated as “outstanding quality” and therefore awarded 5 Heron Quality Stars are (in alphabetical order), as follows.
Outstanding Retirement Products
| AMP Flexible Lifetime Allocated Pension Plan | HOSTPLUS Pension Plan |
| AMP Signature Super Allocated Pension | IOOF Pursuit Focus Allocated Pension |
| Aon Allocated Pension Plan | IOOF Pursuit Select Allocated Pension |
| Asgard Elements Pension | LegalSuper Pension |
| Asgard eWRAP Pension | MLC MasterKey Pension |
| Asgard Infinity eWRAP Pension | MLC MasterKey Pension Fundamentals |
| AustralianSuper Pension | MLC Navigator Retirement Plan Series 2 |
| AXA - Summit Personal Pension | MLC Wrap Super - Pension Service |
| BT SuperWrap Pension Plan | Netwealth Income Stream |
| BUSS (Q) Pension | NGS Super Account Based Pension |
| Caresuper Pension | OnePath OneAnswer Frontier Pension |
| Colonial First State - FirstChoice Pension | REST Allocated Pension |
| Colonial First State - FirstChoice Wholesale Pension | Russel Private Active Pension |
| EISS Pension | Smartsave Smart Pension |
| Equipsuper Account Based Income Streams | Statewide Account Based Pension |
| First State Super Income Stream | Sunsuper Pension |
| HESTA Super Income Stream | Vision Income Streams Allocated Pension |
In assessing pension products, Heron reviewed each product’s investment arrangements, pension payment frequency, payment methods, options available in respect to the nomination of beneficiaries, options for payment of a death benefit, communication events with members including ease of access for members to obtain information and any ancillary benefits offered. The main focus is on investment arrangements.
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.