38th Heron Quality Star Ratings Released
Released: 28 January 2025
2025 Calendar Year Assessment
The Heron Partnership, a leading independent superannuation and actuarial consultancy, has released its latest half-yearly assessment of superannuation funds for calendar year 2025.
Originally launched in 2006, these assessments are the 38th public assessment undertaken by Heron. The ratings covered the major superannuation products, and included commercial products, industry funds and specialist "corporate" products.
Chris Butler, The Heron Partnership's Managing Director, said, "Through our rating process, our goal is to provide a realistic and impartial representation of the strengths and weaknesses of each superannuation product. Our public ratings are based on feature specific benchmarks that enable us to rate each feature objectively."
The following table lists the superannuation products that received Heron's highest rating.
Outstanding Superannuation Products
| AMP SignatureSuper | Hostplus Personal Super Plan |
| Australian Retirement Trust - Super Savings | IOOF Employer Super |
| Australian Retirement Trust - Super Savings Business | IOOF Personal Super |
| Australian Retirement Trust - Super Savings Corporate | Media Super Industry |
| AustralianSuper Personal Plan | Media Super Personal |
| AustralianSuper Plan | Mercer SmartSuper Plan - Employer Section |
| AustralianSuper Select | Mercer SmartSuper Plan - Individual Section |
| Aware Super | Mercer Super Trust - Corporate Superannuation Division |
| Bendigo SmartStart Super | MLC MasterKey Business Super |
| Brighter Super | NGS Super |
| BUSSQ MySuper | Plum Super - Corporate Division |
| CareSuper Employee Plan | REI Super |
| CareSuper Personal Plan | Rest Corporate |
| Catholic Super | Rest Super |
| Cbus Industry Super | Russell Investments Master Trust - iQ Super - Employer |
| Colonial First State FirstChoice Employer Super | Russell Investments Master Trust - iQ Super - For Life |
| Equip MyFuture | smartMonday PRIME |
| Equip MyFuture - Corporate | Telstra Super - Personal Plus |
| HESTA Corporate Super | TWUSUPER |
| HESTA Super | UniSuper |
| Hostplus | Vision Super - Vision Personal |
| Hostplus Executive | |
MySuper Investment Option
Heron has again undertaken an assessment of each products MySuper investment option. For their MySuper rating Heron considers the type of option (LifeStages or Single Diversified), the reliability of the historical return history, the TAA range, the level and type of active/passive management, actual or indicative historical investment performance, ease of understanding and fee based on the PDS disclosure. In addition, in assessing the LifeStages options Heron considered whether the structure included cohorts, the cohort age band period and the cohort curve shape.
Based on this assessment criteria, Heron awarded 5 Stars to the following 45 products.
| AMP SignatureSuper | IOOF Employer Super |
| Australian Retirement Trust - Super Savings | IOOF Personal Super |
| Australian Retirement Trust - Super Savings Business | Media Super Industry |
| Australian Retirement Trust - Super Savings Corporate | Media Super Personal |
| AustralianSuper Personal Plan | Mercer SmartSuper Plan - Employer Section |
| AustralianSuper Plan | Mercer SmartSuper Plan - Individual Section |
| AustralianSuper Select | Mercer Super Trust - Corporate Superannuation Division |
| Aware Super | MLC MasterKey Business Super |
| Bendigo SmartStart Super | NGS Super |
| Brighter Super | Plum Super - Corporate Division |
| BUSSQ MySuper | REI Super |
| CareSuper Employee Plan | Rest Corporate |
| CareSuper Personal Plan | Rest Super |
| Catholic Super | Russell Investments Master Trust - iQ Super - Employer |
| Cbus Industry Super | Russell Investments Master Trust - iQ Super - For Life |
| Colonial First State FirstChoice Employer Super | smartMonday PRIME |
| Equip MyFuture | TelstraSuper - Personal Plus |
| Equip MyFuture (Corporate) | TWUSUPER |
| HESTA Corporate Super | UniSuper Accumulation Super 1 |
| HESTA Super | UniSuper Accumulation Super 2 |
| Hostplus | UniSuper Personal Account |
| Hostplus Executive | Vision Super - Vision Personal |
| Hostplus Personal Super Plan |
The assessment of personal and corporate superannuation products undertaken by Heron covers about 130 key product features that are grouped under 5 Areas of Importance of Investment Arrangements, Insurance, Contributions, Ancillary Benefits, and Communications. Investments and Insurance have the greatest impact on a product's rating with weightings of 55% and 30% respectively.
Based on Heron's numeric rating the following products have been designated as Top Ten MySuper Products.
- AustralianSuper
- Brighter Super
- CareSuper
- Cbus Super
- Equip MyFuture
- HESTA Super
- Media Super
- Rest Super
- UniSuper
- Vision Super
Based on Heron's numeric rating the following products have been designated as Top Ten Products for Investment Features and as Top Ten Products for Insurance Features.
In alphabetical order the Top 10 Personal and Corporate Products in respect to Investment Features are:
Top 10 Investment Features
| Personal | Corporate |
|---|---|
| Australian Retirement Trust - Super Savings | AMP SignatureSuper |
| AustralianSuper Plan | Australian Retirement Trust - Super Savings Business |
| Brighter Super | Australian Retirement Trust - Super Savings Corporate |
| CareSuper Personal Plan | Colonial First State FirstChoice Employer Super |
| Hostplus | IOOF Employer Super |
| IOOF Personal Super | Mercer SmartSuper Plan - Employer Section |
| Mercer SmartSuper Plan - Individual Section | Mercer Super Trust - Corporate Superannuation Division |
| Plum Super - Personal Division | MLC MasterKey Business Super |
| Russell Investments Master Trust - iQ Super - For Life | Plum Super - Corporate Division |
| UniSuper | Russell Investments Master Trust - iQ Super - Employer |
In alphabetical order the Top 10 Personal and Corporate Products in respect to Insurance Features are:
Top 10 Insurance Features
| Personal | Corporate |
|---|---|
| Australian Retirement Trust - Super Savings | AMP SignatureSuper |
| Catholic Super | Australian Retirement Trust - Super Savings Corporate |
| Equip MyFuture | Colonial First State FirstChoice Employer Super |
| First Super | HESTA Corporate Super |
| Hostplus | Mercer SmartSuper Plan - Employer Section |
| legalsuper | Mercer Super Trust - Corporate Superannuation Division |
| NGS Super | MLC MasterKey Business Super |
| Plum Super - Personal Division | Plum Super - Corporate Division |
| Telstra Super - Personal Plus | Russell Investments Master Trust - iQ Super - Employer |
| UniSuper | smartMonday PRIME |
The Heron Quality Star Ratings have 5 levels as follows:
| Rating | Definition |
|---|---|
| 5 Stars | Outstanding |
| 4 Stars | Commendable |
| 3 Stars | Good |
| 2 Stars | Poor |
| 1 Star | Unacceptable |
Details of the Heron Quality Star Ratings, including the assessment methodology and products awarded with 5 Heron Quality Stars, are featured on The Heron Partnership's web site and their Heron Advisor product research and comparison service.