As the focus of retirees shifts from withdrawing superannuation as a lump sum to rolling it over into an account-based pension fund, research firm Canstar Cannex has named the top 10 pension options available to everyone.
The account-based pension funds that received a five-star rating were from AGEST Super, AMIST Super, AMP Flexible Super, BUSSQ, Energy Super, First State Super, LUCRF Super, Media Super, MLC MasterKey Fundamentals and VicSuper.
Of the funds that scored a five-star rating, AMP Flexible Super’s Core and Select options were the only products to top the list for all types of balances.
According to Canstar Cannex head of research Steve Mickenbecker, the firm compared 77 pension funds out of a universe of 350 based on low, medium and high super account balances.
It eliminated those with restricted entry such as corporate, industry and employer funds.
“Our number one criterion was to compare only those funds which any one of us could join without going through an intermediary such as a financial planner,” Mickenbecker said.
The funds were further judged on 80 features, including the available investment options, payment options, continuance of insurance, availability of advice, performance and investment strategy.
