Super funds play a crucial role in ensuring financial security during retirement. The Australian superannuation landscape is extensive and diverse, with numerous funds making a significant impact due to their sheer scale and prominence. This list explores the fifteen largest super funds in Australia, highlighting their assets, membership, and unique offerings.
The latest government data available as of December 2023 on the largest super funds in Australia is explored in an interactive visual below.
The 15 largest super funds, ordered by their assets, are:
- AustralianSuper
- Commonwealth Super Corporation
- Australian Retirement Trust
- Insignia
- Aware Super
- Mercer
- UniSuper
- AMP
- Colonial First State
- HostPlus
- CBUS
- HESTA
- REST
- Brighter Super
- Macquarie
Largest super funds in 2023
Below are the profiles of the fifteen largest super funds in Australia. These funds manage billions of dollars in retirement savings on behalf of millions of Australians.
1. AustralianSuper
Assets: $311.5 billion
Members: 3,255,344
Leading the industry is AustralianSuper, managing an impressive $311.5 billion in assets and serving over 3.25 million members. Born from the merger of two industry funds, STA and ARF, in 2006, AustralianSuper has grown exponentially to become the nation's largest superannuation fund. It caters to a diverse range of industries, from healthcare and education to construction and retail.
2. Commonwealth Super Corporation
Assets: $281.7 billion
Members: 690,075
Next up is the Commonwealth Super Corporation (CSC), managing a whopping $281.7 billion in assets with around 690,075 members. CSC was established in 2011 to provide superannuation services to Australian Government employees and members of the Australian Defence Force. Its unique position as a public sector fund allows it to offer benefits tailored to the specific needs of government employees, including generous employer contributions and defined benefit schemes.
3. Australian Retirement Trust
Assets: $264.4 billion
Members: 2,334,304
The Australian Retirement Trust, managing $264.4 billion in assets and serving over 2.33 million members, is a result of a merger between Sunsuper and QSuper. Catering specifically to workers across various industries, including health, education, transport, and civil services, the Australian Retirement Trust stands out for its commitment to sustainable investing, with a focus on environmental, social, and governance (ESG) factors.
4. Insignia
Assets: $178.5 billion
Members: 1,843,185
Insignia, formerly known as IOOF, is one of Australia's oldest financial institutions, with a history dating back to 1846. Insignia has grown into one of Australia's leading providers of financial services, including superannuation, where they manage over $178.5 billion in assets and serve nearly 1.84 million members. Catering to a broad range of industries, Insignia stands out for its comprehensive suite of wealth management products and services.
5. Aware Super
Assets: $163.8 billion
Members: 1,194,591
Rounding out the top five is Aware Super, formerly known as First State Super. Managing $163.8 billion in assets and serving over 1.19 million members, Aware Super has a rich history dating back to 1992. It primarily serves employees in the public sector, health, and education industries. What sets Aware Super apart is its commitment to responsible investing, with a strong focus on investments that generate both financial returns and positive social outcomes.
6. Mercer
Assets: $135.2 billion
Members: 1,127,951
Mercer is a significant player in the superannuation landscape, managing $135.2 billion in assets and serving over 1.12 million members. With a global presence, Mercer provides a range of financial services, including superannuation, investment management, and consulting.
7. Unisuper
Assets: $127.4 billion
Members: 648,818
UniSuper, managing $127.4 billion in assets and serving over 648,000 members, is the dedicated provider for people working in Australia's higher education and research sector. Established in 1983, UniSuper stands out for its deep understanding of the specific needs of university employees, offering tailored benefits such as defined benefit schemes and generous employer contributions.
8. AMP
Assets: $111.7 billion
Members: 942,182
AMP Superannuation, managing over $111.7 billion in assets and serving over 942,000 members, has a long history dating back to 1849. Initially established as a life insurance company, AMP expanded into superannuation and is now one of Australia's largest wealth management companies. AMP Superannuation caters predominantly to the private sector across various industries. Its unique strength lies in its comprehensive financial advice services, helping members make informed decisions about their retirement savings.
9. Colonial First State
Assets: $109.5 billion
Members: 821,068
Colonial First State, managing $109.5 billion in assets and serving over 821,000 members, was established in 1988 as a subsidiary of Commonwealth Bank. It serves a broad range of industries in the private sector. Colonial First State distinguishes itself with its award-winning platform, FirstWrap, which offers extensive investment choice and flexibility, making it a popular choice among financial advisers.
10. HostPlus
Assets: $97.0 billion
Members: 1,758,858
HostPlus, managing $97.0 billion in assets and serving over 1.75 million members, was established in 1988 to cater to the hospitality and tourism sector. Over time, it has expanded its services to a broader range of industries. HostPlus stands out for its strong performance in the 'Balanced' investment option, consistently ranking among the top-performing funds for this category.
11. CBUS
Assets: $86.3 billion
Members: 917,027
Cbus Super, managing $86.3 billion in assets and serving over 917,000 members, was established in 1984 to cater specifically to the construction and building industry. Over the years, it has expanded its services to include adjacent industries such as the arts. What sets Cbus apart is its direct investment strategy, where it invests in projects that create jobs for its members, thereby creating a unique cycle of benefit.
12. HESTA
Assets: $78.6 billion
Members: 1,026,691
HESTA, managing $78.6 billion in assets and serving over 1.02 million members, is the national industry superannuation fund for people working in health and community services. Since its inception in 1987, HESTA has been committed to improving the retirement outcomes of its members, many of whom are women who have historically been disadvantaged in terms of superannuation savings.
13. REST
Assets: $77.4 billion
Members: 2,023,006
REST Industry Super, managing $77.4 billion in assets and serving over 2.02 million members, was established in 1988 to serve the retail sector. Today, it's open to all Australians and stands out for its commitment to responsible investing, with a focus on companies that demonstrate strong environmental, social, and governance (ESG) practices.
14. Brighter Super
Assets: $32.5 billion
Members: 128,390
Brighter Super, managing $32.5 billion in assets and serving over 128,000 members, is a corporate superannuation master trust that caters to a wide range of industries. Brighter Super stands out for its flexible approach, offering members the ability to tailor their investment strategy based on their individual risk tolerance and retirement goals.
15. Macquarie
Assets: $37.8 billion
Members: 126,121
Macquarie Wrap, a premier wealth management platform, oversees $37.8 billion for 126,121 members. As a seamless solution for investors, the platform streamlines the process by consolidating all investment transactions through its online portal, providing a unified platform for managing various assets.
Data sourced and adapted from APRA's Annual Fund-level Superannuation Statistics, licensed under the Creative Commons Attribution 3.0 Australia Licence.
