Comprehensive Product Performance Package FAQs

The Comprehensive Product Performance Package (‘CPPP’) brings together the product performance metrics underpinning the legislated performance test (PT) and APRA’s superannuation heatmaps into one comprehensive package.

The Comprehensive Product Performance Package (‘CPPP’) includes all products subject to the PT and non-platform externally managed multi-sector accumulation investment options.

The Comprehensive Product Performance Package (‘CPPP”) includes:

• An insights paper that provides detailed analysis on the components of the legislated performance test, investment returns, and fees and costs:
• statistical publications that provide the underpinning data for the CPPP in excel and csv formats;
• an interactive online tool that can be accessed (via the APRA website) by trustees, members, and the broader community to easily look up and compare the performance of products; and
• a methodology paper that provides a technical understanding of the CPPP population and metrics.

The Comprehensive Product Performance Package (‘CPPP’) provides information on investment returns and fees and costs, and the latest results of the Government’s legislated annual performance assessment. The CPPP enables like-for-like comparisons between different offerings and highlights areas where poor member outcomes are being delivered.

The Comprehensive Product Performance Package (‘CPPP’) uses data and in some instances a ‘heat’ colour scale to show how well a MySuper product, Choice investment option or Choice investment pathway is delivering outcomes for its members, relative to its peers and tailored benchmarks. 

Importantly, APRA is not providing an overall assessment of each product based on all the metrics.

• When looking at investment returns, any product or investment option that is performing above a determined benchmark is coloured white. A colour gradient from pale yellow to crimson has been used for products and pathways that are performing below that benchmark.
• For fees and costs, the colours have been applied slightly differently. MySuper Products and Choice investment pathways with lower fees are coloured white through to amber, and those with higher fees are coloured amber through to red.

While the Comprehensive Product Performance Package (‘CPPP’) provides insightful data on the performance of superannuation products across the industry it does not provide information on all the relevant factors that should be considered when assessing the outcomes or appropriateness of a particular superannuation offering. For example, it does not currently include measures on the value or performance of insurance offered, or the quality of other features such as member services. It should not be used in isolation to inform decisions regarding choice of a superannuation product and is not a substitute for independent professional advice.

The Comprehensive Product Performance Package (‘CPPP’) holds trustees accountable for the outcomes delivered to members. Trustees are to embed the comprehensive insights offered by the CPPP into the actions they take under Prudential Standard SPS 515 Strategic Planning and Member Outcomes – this would include using the CPPP as a key input in their Outcomes Assessment and Business Performance Review.

There have been 2 changes to the methodology of the metrics in the Comprehensive Product Performance Package compared to previous heatmaps:

• The fee and costs metrics are the fees and costs charged for the year to June in the rather than the disclosed fees as at 1 October. They are also now shown net of taxes.
• The investment metrics for choice products are shown at the investment option level rather than investment pathway level with pathway level returns shown in the ‘Pathway Level Returns’ tab in the excel publication if there is a difference between these two returns.

Users can provide feedback on any aspect of the Comprehensive Product Performance Package by emailing MemberOutcomes@apra.gov.au, or mailing to:

Senior Manager, Superannuation Strategic Insights – Life & Private Health Insurance & Superannuation
Australian Prudential Regulation Authority
GPO Box 9836, Sydney NSW 2001