Member outcomes assessments 

As a profit for member industry super fund, everything we do is for the benefit of our members.Our teams work diligently to deliver exceptional products, services, education and advice to support our members, to and through retirement.  

We’re pleased to present our Member outcomes assessments for the year ended 30 June 2022.

Member outcomes assessments are mandatory annual reviews that all super funds complete to ensure our products are promoting our members’ best financial interests.

Each assessment measures our product performance against standard benchmarks. Specific measures include investment performance, fees and costs, insurance, and the overall benefits of being a Spirit Super member.

Summary of outcomes

This year, we’ve focused on post-merger integration now that we’ve significantly increased our funds under management, member base and national footprint. This has helped us provide even better value for our members through lower fees and better services and products. We’ve focused on cementing our position as a sustainable mid-sized fund and being leaders in member experience and retirement confidence.

Our MySuper, choice and retirement products promote the best financial interests of members and are expected to continue doing so going forward.

For the 2022 financial year we maintained our Platinum rating from independent ratings agency SuperRatings underscoring the fund’s position as a “best value for money” superannuation fund.

This all adds up to better value for you and your super now and well into the future. 

Determination summary 

Investment returns 

We aim to deliver strong, risk-adjusted returns over time. Our Balanced (MySuper) option, where most members are invested,outperformed the median* MySuper product by 0.90% over 8 years and passed the second Your Future, Your Super Performance Test based on returns for the 8 years to 30 June 2022. 

This test is designed to identify underperforming funds by comparing investment performance relative to a benchmark based on our investment strategy. Passing this test further confirms that we continue to deliver strong outcomes for our members. 

Fees and costs 

Total fees and costs for Spirit Super’s MySuper product are lower than the industry median*. 

Our MySuper product administration fees on a $50,000 account balance are comparable with the median and our annual fees (administration and investment) on a $50,000 account balance are lower than the median super fund. 

Investment risk 

We manage risk carefully across all our products. Our products’ performance and risk level are aligned with our investment strategy and consistent with the level of risk of comparable MySuper investment options offered across other super funds. 

*APRA MySuper Heatmap - 2022

Assessment factors summary

Investment strategy

We offer a range of investment options with different asset allocations and risk profiles to suit the diverse needs of our members.

Scale

As a mid-size fund, Spirit Super is well placed to take advantage of economies of scale and negotiate competitive fees with strategic partners and investment managers. 

We will continue to focus on growth opportunities to further provide superior financial benefits and services to members now and into the long term. 

Fees and operating costs

Our operating costs and fees are below the median of other super funds, being in the lowest 25%. 

Insurance strategy and fees

We have kept the cost of insurance to under 1% of the average member’s life-time salary. 

Options benefits and facilities

We strive to support our members’ journey with choice and service as unique as they are. We pride ourselves on easy interactions, excellent and award-winning service and personal support, with products and services that offer good value and meet the changing needs of members now and in the long run. 

Download our Member outcomes assessments

We have produced three Member outcomes assessments for the 2021-22 financial year: 

• MySuper product — for our default super product 
• Choice products — for our super products that aren’t a MySuper product
• Retirement products — for our pension products.