Member outcomes assessments 

Financial year ending 30 June 2023

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Member outcomes assessments for the 2022-23 financial year:

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.  

Member outcomes assessments are mandatory annual reviews of our product’s performance in promoting the best financial interest of our members, considering various comparison and assessment factors. We’re pleased to present our Member outcomes assessments for the year ended 30 June 2023 in support of our determination that each of Spirit Super’s products promote the best financial interest of members.

We’re pleased to announce that we’ve passed the APRA annual performance test to 30 June 2023. The performance test is an independent assessment of all regulated super funds’ MySuper and choice products by the industry regulator and confirms that we’ve delivered value to our members both through competitively positioned administration fees and costs, and strong long-term investment return outcomes through the implementation of our investment strategy  - a great outcome for our members.

Summary of outcomes

This year, we’ve delivered high-quality outcomes to members, improving net benefits.

We’re well positioned to deliver value for money, along with cost effective and efficient services to our members, while undertaking further investment in our products and services.

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

Comparison factors 

Investment returns 

We aim to deliver strong, risk-adjusted returns over time. Our MySuper product Balanced (MySuper) option, where most members are invested, outperformed the APRA annual performance test investment return benchmark and achieved net returns above the median1 for the key periods for our assessment, 1 and 10 years, relative to comparable funds. 

Our choice product’s pre-mixed option investment returns outperformed the APRA performance test returns benchmark over the 9-year assessment period, and overall we’ve assessed that our investment returns for the choice and retirement products to be competitive1

1SuperRatings Fund Crediting Rate Survey to 30 June 2023. Investment returns aren’t guaranteed. Past performance isn't a reliable indicator of future performance.

Fees and costs 

Total fees and costs for Spirit Super’s MySuper product are lower than the industry median2. 

Our MySuper and choice product (pre-mixed options) also passed the APRA performance test threshold for administration fees and costs, confirming that we’ve delivered value to our members through our competitive administration fees to 30 June 2023. Our competitive administration fees and investment management fees meant that our MySuper, choice and retirement product members paid significantly less in total fees than the median fund based on an assessment against of fees charged for $50,000, 100,000 and $250,000 account balances. 

2APRA quarterly superannuation product statistics.  

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, choice and retirement product investment options offered across other super funds. 

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.

Insurance strategy and fees

We have kept the cost of insurance to under 1% of the average member’s life-time salary, ensuring that our insurance fees don’t inappropriately erode the retirement balances of members

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. 

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’ll continue to focus on growth opportunities to further provide superior financial benefits and services to members now and into the long term. The merger with CareSuper in late 2024 is central to achieving our current scale targets to continue to be a sustainable fund and deliver value for members.

Setting of fees and operating costs

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

Download our Member outcomes assessments

We have produced three Member outcomes assessments for the 2022-23 financial year: 

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