This article provides general information only and does not constitute personal financial advice. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on any information in this article, you should consider whether it is appropriate for you and seek advice from a licensed financial adviser if necessary.

The end of financial year is the ideal time to review your superannuation fund’s performance. Your fund has just closed the books on another year, and you now have fresh annual performance data to assess whether your retirement savings are on track. With over $3.9 trillion held in Australian super funds (as of June 2026), even small differences in performance and fees compound significantly over decades.

This guide walks you through how to check your super fund’s performance after EOFY, compare it against industry benchmarks, and switch to a better fund if your current one is underperforming.

What You Will Learn

  • Where to find your super fund’s annual performance report
  • How to compare your fund’s returns against benchmarks and peers
  • What fees to review and how they impact your balance
  • When switching super funds makes sense (and when it does not)
  • The step-by-step process to switch funds correctly

Step 1: Locate Your Annual Performance Report

Your super fund is required to send you an annual statement within three months of the end of the financial year (by 30 September 2026 for the 2025-26 financial year). However, most funds publish preliminary performance figures on their websites in early July.

Log in to your super fund’s member portal and look for the annual performance report or investment performance page. This report shows your account balance, contributions received, investment returns earned, and fees deducted for the year.

Key figures to note include the net investment return (usually expressed as a percentage, such as 7.2% for a balanced option) and the dollar value of fees and costs charged to your account.

Step 2: Compare Returns Against Benchmarks

According to ASIC MoneySmart, you should compare your fund’s performance against both the industry median and the investment option’s strategic asset allocation benchmark.

For a typical balanced option (around 60 to 70% growth assets), a reasonable benchmark over 10 years is inflation plus 3 to 3.5% per annum. Over the 2025-26 financial year, with Australian inflation at approximately 2.8%, a balanced option returning around 6 to 7% would be in line with long-term expectations.

Check how your fund performed against the SuperRatings or Chant West median for comparable investment options. If your fund consistently sits in the bottom quartile over 5 and 10 years, this is a warning sign that your retirement savings may be lagging.

Remember, one bad year does not necessarily mean you should switch. Past performance is not a reliable indicator of future performance, but persistent underperformance over multiple years is a concern.

Step 3: Review Fees and Costs

Fees directly reduce your retirement savings. The ATO notes that even a 1% difference in annual fees can reduce your super balance by tens of thousands of dollars over a working life.

Your annual statement breaks down fees into several categories. Administration fees (typically $50 to $150 per year plus a percentage of your balance), investment management fees (usually 0.5 to 1.5% per annum for balanced options), and other indirect costs all erode your returns.

Compare your fund’s total fees against industry averages. APRA data shows that many large industry funds charge total fees of around 0.8 to 1.2% per annum for balanced options, while some retail funds charge 1.5% or more. If your fund charges fees at the higher end without delivering correspondingly higher returns, you may be paying too much.

Step 4: Assess Whether Switching Makes Sense

Switching super funds is not always the right move, even if another fund has better recent performance or lower fees. Consider these factors before deciding to switch.

First, check your insurance cover. Many super funds include default death and total and permanent disability (TPD) insurance. If you switch funds, you may lose this cover or need to reapply (which could be difficult if your health has changed). Compare the cost and level of cover in your current and potential new fund.

Second, consider your employer’s default fund. Some employers only pay the Superannuation Guarantee (currently 11.5%, rising to 12% from 1 July 2025) into their nominated default fund. If you choose a different fund, check whether your employer will accommodate the change or if there are payroll limitations.

Third, assess exit fees. Most super funds abolished exit fees years ago, but verify your fund does not charge one before you switch.

Read also: Emergency Fund Calculator in Australia: How Many Months of Expenses Do You Need?

Finally, think about your time horizon. If you are close to retirement (within 5 years), stability and capital preservation may matter more than chasing slightly higher returns in a more aggressive fund.

Step 5: How to Switch Super Funds

Once you have decided to switch, the process is straightforward. Choose your new super fund and obtain its account details (fund name, Australian Business Number, and Unique Superannuation Identifier or USI).

Contact your new fund and request a rollover form, or initiate the transfer through the ATO’s myGov portal using the Transfer super option in myTax. You will need to provide your current fund’s details.

The new fund will contact your old fund and request the rollover. By law, your old fund must process the transfer within three business days of receiving a valid request. The transfer typically completes within 7 to 10 business days.

Notify your employer of your new super fund details so future Superannuation Guarantee contributions are paid into the correct account. Provide your employer with a super choice form, which includes your new fund’s ABN and USI.

Common Mistakes to Avoid

Do not judge a fund solely on one year’s performance. Markets fluctuate, and a single year tells you little about long-term capability.

Do not accidentally create multiple super accounts. Consolidate your old accounts into your new fund to avoid paying duplicate fees and insurance premiums.

Do not forget to update your beneficiary nominations. When you switch funds, your old fund’s beneficiary nomination does not automatically transfer. Complete a new binding or non-binding nomination with your new fund.

Do not switch funds without comparing insurance cover. Losing valuable insurance because you did not check could leave your family exposed.

Frequently Asked Questions

How often should I review my super fund’s performance?

Review your super fund annually after receiving your end-of-year statement. However, you should only consider switching if underperformance persists over at least three to five years, not based on a single year’s result.

Can I have more than one super fund?

Yes, but it is generally not recommended. Multiple accounts mean multiple sets of fees and insurance premiums, which erode your retirement savings. The ATO estimates that Australians hold over 6 million unnecessary duplicate super accounts.

Will I be charged to switch super funds?

Most super funds no longer charge exit fees, and the rollover process itself is free. However, verify with your current fund before initiating the switch, as a small number of older accounts may still have exit fees.

Conclusion

The weeks after EOFY are the best time to review your super fund’s performance, compare it against industry benchmarks, and assess whether your retirement savings are in the right hands. If your fund consistently underperforms or charges excessive fees, switching to a better-performing fund could add tens of thousands of dollars to your retirement balance over time.

Log in to your super account today, check your annual performance report, and compare your fund against the industry. If you have doubts about whether switching is right for you, consult a licensed financial adviser who can assess your specific circumstances, including insurance cover and investment time horizon.