Non-platform TDP product performance
Trustee directed products (TDPs) are diversified investment offerings where the trustee or a connected entity of the trustee has control over the management of investments and/or sets the strategic asset allocations of the product offering. Non-platform TDPs are standalone offerings.
APRA’s non-platform TDP product performance lookup tool enables users to interact with and compare investment returns, fees and performance test metrics across products.
Metric definitions
- RSE licensee
- RSE name
- Superannuation product name
- Investment menu name
- Investment option name
- Pathway identifier
Unique identifier for each pathway.
- Member assets ($'000)
At the pathway level, as at 30 June 2024.
- Member accounts (rounded to nearest tenth)
At the pathway level, as at 30 June 2024.
- Open/Closed to new members
- Strategic growth asset allocation
The allocation to growth assets as at 30 June 2024, based on strategic asset allocation data provided to APRA and a consistent definition of growth and defensive assets used for this analysis only.
- Strategic growth asset allocation category
The allocation to growth assets as at 30 June 2024, sorted into six categories.
- Performance Test measure
Legislated performance measure as at 30 June 2024. The performance measure includes an assessment of investment performance and administration fees.
- Pass / Fail indicator
The result of the annual Performance Test. If a product’s Performance Test measure is -0.50% or lower, the product fails the test. A product that fails in two consecutive years is labelled 'Fail - second consecutive time'.
- Lookback period (years)
The number of financial years of a product's performance history used to calculate the Performance Test measure.
- Actual return minus benchmark return
The investment return of the product relative to a benchmark portfolio based of the products reported strategic asset allocation.
- Representative administration fees and expenses (RAFE)
Administration fees, costs and taxes charged to a representative member with a $50,000 account balance over the year to 30 June 2024.
- Relevant benchmark representative administration fees and expenses (BRAFE)
The median of all representative administration fees and expenses for non-platform TDPs.
- yfys_performance_test_indicator_filter
- yfys_performance_test_indicator_filter_second_fail
- 10 year Net Investment Return (NIR) p.a.
As at 30 June 2024. Colours are applied based on the level of relative performance to the appropriate reference point in the NIR / growth asset allocation trend line and in line with the colour scale below:
- 10 year NIR relative to SAA Benchmark Portfolio p.a.
As at 30 June 2024. Colours are applied based on the level of relative performance to the SAA benchmark portfolio and in line with the colour scale below:
- 10 year NIR relative to Simple Reference Portfolio p.a.
As at 30 June 2024. Colours are applied based on the level of relative performance to the Simple Reference Portfolio and in line with the colour scale below:
- 7 year Net Investment Return (NIR) p.a.
As at 30 June 2024. Colours are applied based on the level of relative performance to the appropriate reference point in the NIR / growth asset allocation trend line and in line with the colour scale below:
- 7 year NIR relative to SAA Benchmark Portfolio p.a.
As at 30 June 2024. Colours are applied based on the level of relative performance to the SAA benchmark portfolio and in line with the colour scale below:
- 7 year NIR relative to Simple Reference Portfolio p.a.
As at 30 June 2024. Colours are applied based on the level of relative performance to the Simple Reference Portfolio and in line with the colour scale below:
- 5 year Net Investment Return (NIR) p.a.
As at 30 June 2024. Colours are applied based on the level of relative performance to the appropriate reference point in the NIR / growth asset allocation trend line and in line with the colour scale below:
- 5 year NIR relative to SAA Benchmark Portfolio p.a.
As at 30 June 2024. Colours are applied based on the level of relative performance to the SAA benchmark portfolio and in line with the colour scale below:
- 5 year NIR relative to Simple Reference Portfolio p.a.
As at 30 June 2024. Colours are applied based on the level of relative performance to the Simple Reference Portfolio and in line with the colour scale below:
- 3 year Net Investment Return (NIR) p.a.
As at 30 June 2024. Colours are applied based on the level of relative performance to the appropriate reference point in the NIR / growth asset allocation trend line and in line with the colour scale below:
- 3 year NIR relative to SAA Benchmark Portfolio p.a.
As at 30 June 2024. Colours are applied based on the level of relative performance to the SAA benchmark portfolio and in line with the colour scale below:
- 3 year NIR relative to Simple Reference Portfolio p.a.
As at 30 June 2024. Colours are applied based on the level of relative performance to the Simple Reference Portfolio and in line with the colour scale below:
- Administration fees and costs charged ($10,000 account balance)
Over the year to 30 June 2024. Colours are applied based on the administration fees and costs charged for the representative account balance in line with the colour scale below:
- Administration fees and costs charged ($25,000 account balance)
Over the year to 30 June 2024. Colours are applied based on the administration fees and costs charged for the representative account balance in line with the colour scale below:
- Administration fees and costs charged ($50,000 account balance)
Over the year to 30 June 2024. Colours are applied based on the administration fees and costs charged for the representative account balance in line with the colour scale below:
- Administration fees and costs charged ($100,000 account balance)
Over the year to 30 June 2024. Colours are applied based on the administration fees and costs charged for the representative account balance in line with the colour scale below:
- Administration fees and costs charged ($250,000 account balance)
Over the year to 30 June 2024. Colours are applied based on the administration fees and costs charged for the representative account balance in line with the colour scale below:
- Total fees and costs charged ($10,000 account balance)
Over the year to 30 June 2024. Based on administration, advice, investment and transaction fees and costs charged net of tax reported to APRA.
- Total fees and costs charged ($25,000 account balance)
Over the year to 30 June 2024. Based on administration, advice, investment and transaction fees and costs charged net of tax reported to APRA.
- Total fees and costs charged ($50,000 account balance)
Over the year to 30 June 2024. Based on administration, advice, investment and transaction fees and costs charged net of tax reported to APRA.
- Total fees and costs charged ($100,000 account balance)
Over the year to 30 June 2024. Based on administration, advice, investment and transaction fees and costs charged net of tax reported to APRA.
- Total fees and costs charged ($250,000 account balance)
Over the year to 30 June 2024. Based on administration, advice, investment and transaction fees and costs charged net of tax reported to APRA.
* If a product has a performance history of less than seven years, the product has met the requirements of the performance test, unless APRA issues a determination under regulation 9AB.10(4) to calculate a performance test measure for the product.
APRA Choice Product Performance Tool Disclaimer and Terms of Use
The Australian Prudential Regulation Authority (APRA) is an Australian Government statutory authority that supervises institutions across banking, insurance and superannuation and promotes financial system stability in Australia. As part of APRA’s role, APRA makes publications including on statistics for the financial sector.
- The Choice Product Performance Tool (“the Product Performance Tool”) utilises asset allocation, investment return and fee data provided to APRA by regulated RSE licensees. Superannuation RSE licensees are responsible for ensuring they report accurate data to APRA. APRA has taken reasonable steps to ensure the accuracy of metrics in the Product Performance Tool publication, and will endeavour to liaise with an entity directly if it identifies potential concerns regarding data quality. APRA believes that the Choice Product Performance Tool is a useful tool supporting transparency in superannuation and provides valuable insights for Australian superannuation members and the industry.
- The listing of a Choice investment option in the Product Performance Tool, regardless of the set of ‘heat’ colours attributed to that Choice investment option, in no way implies any form of APRA endorsement or advice. It should not be taken as such. You will need to exercise your own skill and care with respect to your use of the Product Performance Tool. The Product Performance Tool is not a substitute for independent professional advice and you should always obtain any appropriate professional advice relevant to your particular circumstances.
- APRA will take reasonable actions to ensure the Product Performance Tool is not compromised with bugs, trojan horses, spyware or adware. APRA accepts no liability or responsibility for any interference with or damage to your computer, software or data occurring as a result of access to, or use of, the Product Performance Tool.
- By accessing the Product Performance Tool you agree to the APRA’s terms and conditions of use.
© Australian Prudential Regulation Authority 2024.
Non-platform TDP significant underperformers
Significantly poor investment performance (10-year)
| RSE licensee | RSE name | Investment option name |
|---|---|---|
| Australian Ethical Superannuation Pty Ltd | Australian Ethical Retail Superannuation Fund | Conservative (Accumulation) |
| Australian Retirement Trust Pty Ltd | Australian Retirement Trust | Diversified Bonds - Index |
| Avanteos Investments Limited | Colonial First State FirstChoice Superannuation Trust | CFS Balanced |
| Avanteos Investments Limited | Colonial First State FirstChoice Superannuation Trust | CFS Conservative |
| Avanteos Investments Limited | Colonial First State FirstChoice Superannuation Trust | CFS Fixed Interest |
| Avanteos Investments Limited | Colonial First State FirstChoice Superannuation Trust | CFS Fixed Interest |
| Avanteos Investments Limited | Colonial First State FirstChoice Superannuation Trust | CFS Growth |
| Avanteos Investments Limited | Colonial First State FirstChoice Superannuation Trust | CFS Growth |
| Avanteos Investments Limited | Colonial First State FirstChoice Superannuation Trust | CFS High Growth |
| Avanteos Investments Limited | Colonial First State FirstChoice Superannuation Trust | CFS High Growth |
| Avanteos Investments Limited | Colonial First State FirstChoice Superannuation Trust | CFS Moderate |
| Avanteos Investments Limited | Colonial First State FirstChoice Superannuation Trust | First Sentier Balanced |
| Brighter Super Trustee | Brighter Super Fund | DFI_ACC |
| Brighter Super Trustee | Brighter Super Fund | PROP_ACC |
| Equity Trustees Superannuation Limited | Smart Future Trust | smartMonday Defensive |
| Equity Trustees Superannuation Limited | Smart Future Trust | smartMonday Moderate |
| Mercer Superannuation (Australia) Limited | Mercer Super Trust | Mercer Fixed Interest - CSD |
| Mercer Superannuation (Australia) Limited | Mercer Super Trust | Mercer Property - CSD |
| N. M. Superannuation Proprietary Limited | AMP Super Fund | AMP SignatureSuper - Future Directions Conservative |
| N. M. Superannuation Proprietary Limited | AMP Super Fund | AMP SignatureSuper - Future Directions Moderately Conservative |
| NESS Super Pty Ltd | NESS Super | Property Accumulation option |
| NESS Super Pty Ltd | NESS Super | Stable Accumulation Option |
| NGS Super Pty Limited | NGS Super | Diversified Bonds (Accum) |
| OnePath Custodians Pty Limited | Retirement Portfolio Service | OnePath Balanced Index |
| OnePath Custodians Pty Limited | Retirement Portfolio Service | OnePath Conservative Index |
| OnePath Custodians Pty Limited | Retirement Portfolio Service | OnePath Diversified Bond Index |
| OnePath Custodians Pty Limited | Retirement Portfolio Service | OnePath Diversified Fixed Interest |
| Perpetual Superannuation Limited | Perpetual's Select Superannuation Fund | Conservative super option |
| Perpetual Superannuation Limited | Perpetual's Select Superannuation Fund | Diversified super option |
| Prime Super Pty Ltd | Prime Super | Fixed Interest Invest Option |
| Rei Superannuation Fund Pty Limited | Rei Super | Bonds |
| Rei Superannuation Fund Pty Limited | Rei Super | Stable |
| Retail Employees Superannuation Pty. Limited | Retail Employees Superannuation Trust | Property Accumulation option |
| Total Risk Management Pty Limited | Russell Investments Master Trust | RIMT DEFENSIVE |
| Total Risk Management Pty Limited | Russell Investments Master Trust | RIMT DIVERSIFIED 50 |
| Total Risk Management Pty Limited | Russell Investments Master Trust | RIMT GROWTH |
| Unisuper Limited | Unisuper | Listed Property |
| Vision Super Pty Ltd | Local Authorities Superannuation Fund | Diversified bonds |
Significantly higher administration fees
| RSE licensee | RSE name | Product name |
|---|---|---|
| Diversa Trustees Limited | Grosvenor Pirie Master Superannuation Fund Series 2 | Simple Choice Accumulation |
| Diversa Trustees Limited | Grosvenor Pirie Master Superannuation Fund Series 2 | Slate Super Accumulation |
| Diversa Trustees Limited | OneSuper | Living Super Accumulation |
| Diversa Trustees Limited | OneSuper | Professional Super |
| Diversa Trustees Limited | OneSuper | Spaceship Super |
| Diversa Trustees Limited | OneSuper | Superhero Super Accumulation |
| Equity Trustees Superannuation Limited | AMG Super | Acclaim Core |
| Equity Trustees Superannuation Limited | AMG Super | Acclaim Super |
| Equity Trustees Superannuation Limited | AMG Super | AMG Personal |
| Equity Trustees Superannuation Limited | Future Super Fund | Future Super Accumulation |
| Equity Trustees Superannuation Limited | Future Super Fund | Verve Super Accumulation |
| Equity Trustees Superannuation Limited | Guild Retirement Fund | Guild Super MyMix Solution |
| Equity Trustees Superannuation Limited | Smart Future Trust | smartMonday PRIME - Choice |
| Prime Super Pty Ltd | Prime Super | Choice - accumulation |
Key documents
- Insights paper - APRA has published an Insights Paper to illustrate the key insights from the data in the Comprehensive Product Performance Package, in particular identifying improvements to outcomes delivered to members and highlighting areas of poor performance.
- Methodology paper - APRA has also provided an information paper on the methodology used to produce the Comprehensive Product Performance Package.
Related links
- CPPP FAQs - includes both general information and answers to a number of technical questions.
- Heatmap archived documents and information - the central location for all documents related to previous iterations of the heatmap.