The 2023 annual superannuation performance test - MySuper products

APRA is required to conduct an annual performance test for superannuation products. This year the test has assessed MySuper products for the third year in a row. The assessment under the performance test is intended to hold RSE licensees to account for underperformance through greater transparency and increased consequences.

This page contains the 2023 test results for 64 MySuper products.

An accessible version of the dashboard is available here.

First time failing product

No products failed the performance test for the first time this year.

Second time failing product

No products failed the performance test for the second time this year.

Third time failing product

Immediate expectations of RSE licensees with failed products
 

For all failed MySuper products, RSE licensees to:

• Notify current members by Thursday 28 September 2023 advising them of their performance test outcome.
• Identify the causes of underperformance, and develop and implement a plan to rectify this underperformance. 
• Assess the potential implications of MySuper and trustee-directed products (if any) failing the test on the fund and the sustainability of business operations.
• Develop a plan, if it becomes necessary in the best financial interests of members, to close the product, transfer members to another fund/product and/or exit the industry.

For second consecutive fail products, RSE licensees to: 

• Ensure the product is closed to new members on the day following the notification. 
• Return any contributions from new members (if made after 31 August 2023).

For third consecutive fail products, RSE licensees to:

• Ensure the product remains closed to new members.

Related documents
 

These results are included in the Australian Taxation Office's YourSuper comparison tool.