Important update
2024 Performance test
The Government’s annual superannuation performance test is intended to hold trustees accountable for performance of investment options offered to members.
For 2024, the test assessed the returns of selected investment options, being MySuper and Trustee Directed Products (TDPs), available within your super product (after your super fund deducts fees) over a period of up to 10 years to 30 June 2024.
It is important to note that the test is an assessment of an investment option over the full period and is based on a standard set of investment benchmarks, account balance ($50,000) and fee parameters (generally the highest fee applicable for any member). As a consequence, it may not be a measure of your individual experience with the investment option or your overall portfolio if you hold multiple concurrent investment options.
MySuper and all TDPs passed for IOOF Employer Super and IOOF Personal Super
For the 2024 Annual Performance test, APRA assessed the performance of MySuper and all TDPs associated with IOOF Employer Super (IES) and IOOF Personal Super (IPS). MySuper and all TDPs within IES and IPS, passed the test.
Expand Extra and Expand Essential
As part of the 2024 Annual Performance test, APRA assessed the TDPs under the Expand Extra and Expand Essential products, and while the majority of the TDPs passed the test, one TDP did not. The outcome for many TDPs this year included the combination of investment returns and fees in Expand Extra / Expand Essential and those from a previous super fund, being MLC Superannuation Fund (MLCSF), to reflect the transfer that occurred with effect 29 March 2024.
Note that this is the second year the performance test has applied to TDPs. The Government requires us to notify you if you have an investment in a TDP that does not pass the annual performance test.
If you are invested in the investment option that failed the performance test for 2024, you’ll receive a letter about this by 27 September 2024.
Results