UniSuper, the $57 billion superannuation fund for the higher education and research sector, has been awarded Fund of the Year at the Conexus Financial Superannuation Awards for 2017 held in Sydney.

It also also won in three other categories, taking home Best Insurance Offering, Best Advice Offering and Default Fund of the Year.

Funds do not nominate for award of Fund of the Year, rather the judges select an overall winner from the winners of 11 different categories.

“The Fund of the Year award recognised the fund’s commitment to offering the best service to members,” UniSuper said in a statement.

Prime Minister Malcolm Turnbull presented the top award to UniSuper acknowledging its leadership in member services and praising it for good governance, design and performance.

Prime Minister Malcolm Turnbull delivered the new of UniSuper’s win in a video message.

“There was a lot of debate in the selection committee because there are so many outstanding funds. But the winners has shown leadership in member services, good fund governance, fund design and performance,” Mr Turnbull said.

“Congratulations UniSuper and congratulations to all the winners and all the finalists,” he said.

Conexus award winners

UniSuper CEO Kevin O’Sullivan said “as a profit-for-member fund, dedicated to those working in higher education and research, our number one priority is, and always will be, what’s best for our members.”

“While we never set out to win industry awards, consistently doing so tells me we must be doing something right for them,” Mr O’Sullivan said.

“We are tremendously proud to have won the Best Advice Offering. Our members are in the business of helping others fulfil their potential. They understand the importance of an expert opinion, especially when it comes to planning for the future, ” he said.

UniSuper chair Chris Cuffe said there were major challenges ahead for the superannuation sector.

These included winning confidence of members and the public.

“It is ahead of us to prove that this has been a good regime for Australia. We probably have to get through a full generation of compulsory super before that is really seen, but if we stop along the way we’ve only got ourselves to blame.”

“We’ve still got plenty of work to do ahead of us, particularly in getting people to recognise what is adequate for them in retirement because we have a lump sum oriented superannuation society, but we have to move towards an income orientated focus, and we haven’t been very good at presenting this picture in a simple way,” Mr Cuffe, Investment Magazine reported.