APRA's 2026 super test: what to check before switching funds

APRA's latest results flag 12 underperforming super products. Here is how to check your own option and compare costs, returns and insurance before making a move.

Published by Dolla Team on 2026-09-06.

Sources, dates and corrections follow Dolla's Editorial Standards.

APRA's 2026 super test: what to check before switching funds

Your super balance can rise while the investment product holding it still underperforms. Contributions add money, markets move, and a larger balance alone does not tell you how well your savings have been managed.

The release of APRA's latest annual performance results makes September a useful time to look beyond that balance. A short review can help you identify the product you actually own, understand its result and decide which questions need answering before you consider a transfer.

What the 2026 results show

On 28 August 2026, the Australian Prudential Regulation Authority released results covering 547 superannuation products. Twelve failed: one MySuper product and 11 platform trustee-directed products. All 356 non-platform trustee-directed products assessed passed. The tested products represented 61% of APRA-regulated superannuation member benefits. Source: APRA's 2026 results announcement.

That last figure matters. The results do not cover every investment option available through every super fund. An option missing from the results has not automatically passed.

APRA assesses MySuper products against tailored benchmarks. The test also covers certain trustee-directed products, where the trustee or a connected entity controls the investment strategy or management of investments. You can find the separate results through APRA's annual performance test page.

Treat the result as evidence for a review. A pass does not answer every question about suitability, and a failure does not identify the best replacement for your circumstances.

Start with the exact product on your statement

Open your latest statement or member portal and record the fund name, product name and investment option. If you have split your balance across options, record each one.

Use those details when searching the APRA results. A familiar fund brand is not enough to establish that you have found the right entry. If the names do not line up, ask the fund to identify the relevant result for your account, or explain why your option is outside the test.

A useful message is: "Which 2026 APRA performance-test result applies to my investment option? Please send me the exact product name and a link to the result."

Save the answer alongside your statement. That gives you something concrete to compare next year.

Compare returns and fees on the same basis

ASIC's Moneysmart recommends comparing similar investment options over the same period, looking at five years or longer and considering fees. Its guidance also points to the ATO's YourSuper comparison tool for MySuper products. Past returns do not guarantee future performance. Source: Moneysmart's guide to choosing a super fund.

For your comparison, write the measurement period beside every return figure. A five-year figure next to a one-year figure tells you very little. Check what each published return already deducts so you do not subtract the same costs twice.

Put fees into dollars at your own balance as well as percentages. Here is a deliberately simplified example, using Australian dollars:

• Option A charges $100 a year plus 0.60% of the balance.
• Option B charges $150 a year plus 0.40% of the balance.
• At a constant $80,000 balance, those illustrated charges are $580 and $470 respectively, a difference of $110 a year.

These are invented charges, not real products or a forecast. The arithmetic isolates one comparison; it excludes other costs, insurance, changing balances and returns. For an actual decision, use each product's disclosure documents and full fee information.

Check what a transfer would do to your insurance

Before moving money, establish whether your existing account includes life, total and permanent disability or income protection insurance. Moving your super may mean losing that cover. Transferring the full balance will usually close the old account, and some benefits, including defined benefit arrangements, may be difficult or impossible to recover. Moneysmart also notes that money can spend time out of the market during a transfer. Source: Moneysmart's switching super funds guide.

Ask the proposed fund to confirm the cover you would actually receive, its cost, exclusions and commencement date. Keep the existing policy details beside that response. Do not assume a similar label means identical protection.

If the consequences are unclear, get independent advice before authorising a transfer. A fee comparison is only part of the decision.

Turn the review into one clear next step

You do not need to finish a fund comparison in one sitting. Make a short note containing:

1. Your exact product and investment option.
2. Its 2026 test result, or confirmation that it was not assessed.
3. The return period and fee figures you still need to compare.
4. Any insurance or account benefits that require clarification.
5. One question to send to the fund and a date to follow it up.

This week's practical action is to open your super statement and identify the exact option holding your money. With that name in hand, the new results become a useful starting point for an informed review.

Information checked on 7 September 2026. This article provides general information and does not take account of your personal circumstances.