The 2023 annual superannuation performance test - trustee directed products

APRA is required to conduct an annual performance test for superannuation products. This year the test was expanded to evaluate the performance of 805 trustee directed products, a subset of the choice segment. The assessment under the performance test is intended to hold RSE licensees to account for underperformance through greater transparency and increased consequences.

Broadly, trustee directed products are multi-asset products where the trustee has control over the design of the investment strategy of the product. There are two types of TDP products:

• Non-platform products, and
• Platform products 

Immediate expectations of RSE licensees with failed products

For all failed trustee-directed products, RSE licensees to:

• Write to members by Thursday 28 September 2023 advising them of their performance test outcome. 
• Understand the drivers of performance test outcomes, and develop and implement a rectification plan, where appropriate. 
• Assess the potential implications of trustee-directed products and MySuper products (if any) failing the test on the fund, including the sustainability of business operations.
• Consider whether the transfer of members to another product or fund would be in members’ best financial interests.

TDP non-platform performance test results

An accessible version of the dashboard is available here.

Failing products

TDP platform performance test results

An accessible version of the dashboard is available here.

Failing products