Member outcomes assessments 

Financial year ending 30 June 2021

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Member outcomes assessments for the 2020-21 financial year:

We’re pleased to present our Member outcomes assessments for the year ended 30 June 2021.

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

It’s been a big year for Spirit Super, and we’re pleased to report our MySuper, choice and retirement products promote the best financial interests of members and are expected to continue doing so going forward.

Following the merge of MTAA Super and Tasplan in April 2021, our scale, capabilities, and efficiencies have significantly increased. This has as allowed us to reduce fees and improve our products and services.

Importantly, we continue to offer great value and service to help members secure their financial futures.

We have maintained a Platinum ‘Best Value for Money’ rating from independent ratings agency SuperRatings for our investment performance, fees, and fund operations, and our Control Pension product was also Pension of the Year finalist.

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

Determination summary

Investment returns

Our Balanced (MySuper) option achieved top quartile returns over seven years.

We’re a strong performing super fund over the medium and long term. Our Balanced (MySuper) option, where most members are invested, achieved top-quartile returns over seven years to 30 June 2021 compared to all other MySuper products.

We passed the first Your Future, Your Super performance test. 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

Our MySuper product annual fees on a $50,000 account balance are considerably lower.

Our merger allowed us to decrease administration fees for all Spirit Super members.

Our fees and costs for all products remain highly competitive against the industry median across all account balances. Our MySuper product’s annual fees (administration and investment) on a $50,000 account balance are considerably lower than the median super fund.

Investment risk

Performance of our products and level of risk is aligned with the investment strategy.

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. 

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
    Our increased scale has given us greater buying power and allowed us to negotiate improved fees with strategic partners and investment managers.
  • Fees and operating costs
    Our operating costs and fees are below the median of other super funds.
  • 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
    Our products and services 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 2020-21 financial year:

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