Finance Your Super Industry funds top member satisfaction survey

Industry funds top member satisfaction survey

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A survey of almost 16,000 superannuation members across the country has found that industry funds continue to outperform retail super providers on customer satisfaction.

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The survey, conducted by Roy Morgan Research, found that 59.2 per cent of industry fund members were satisfied with the financial performance of their fund in December compared to 56.5 per cent for retail funds.

Industry funds have achieved higher member satisfaction than retail funds every month since the monthly survey began in 2002.

According to the survey, ESSuper, Catholic Super, HESTA, Cbus and Health Super have the most satisfied members in the country on a measure of financial performance.

ESSuper, which scored a satisfaction rating of 81.3 per cent, is a Victorian-based fund that draws members from the state’s emergency services.

The satisfaction gap between industry and retail funds widens the longer people stay in the workforce.

For super members with account balances between $5000 and $99,999, the customer satisfaction rate for retail funds is 52 per cent compared to 58.2 per cent for industry funds.

For workers with account balances of between $100,000 and 249,999, industry funds scored an approval rating of 70.4 per cent compared to 64.1 per cent retail funds.

Roy Morgan Research communications director said retail funds had a challenge to raise the satisfaction level of customers with high balances to avoid loss of funds.

“With intense competition and controversial issues surrounding retail super funds and industry funds, it is important to include consideration as to what the fund members think regarding financial performance of the two groups,” he said.