SuperGuide news for May 2026

Super performance test to cover retirement products and platforms

Government proposals to extend and strengthen the annual superannuation performance test have been welcomed by industry and consumer groups.

Crucially, a Treasury options paper proposes extending the test to retirement products and platforms and adjusting the way it treats emerging and alternative assets.

“Five years after it was brought in, the performance test has done a great job. It’s now time to modernise it, to deal with some unintended consequences and make it stronger,” said Association of Superannuation Funds of Australia (ASFA) chief executive Mary Delahunty.

The current test measures super fund performance against a fixed set of benchmarks and has successfully removed underperforming funds from the market. However, ASFA argues it has made some investments look artificially less attractive than they really are in a long-term context, like super.

“Modernising and strengthening the test could allow for greater investment in emerging assets. Assets that are not well covered by current benchmarks that drive strong long-term returns and can also align with national resilience efforts include energy, defence, agriculture and early-stage Australian venture capital,” Delahunty said.

Super Consumers Australia (SCA) welcomed the proposed extension of the test to retirement products and platform investments, saying it would close gaps in consumer protection across the super system.

“Right now, a member can move from an accumulation product into an almost identical retirement product and lose the protection of the performance test,” said SCA chief executive Xavier O’Halloran.

Research by SCA found that only 4.6% ($19.9 billion of $433.3 billion) of platform investments were covered by the performance test in 2025 and 11 platform funds had no products assessed under the test, including Hub24 and Netwealth.

ASIC expands its free retirement planning tools

In response to research showing that around half (48%) of Australians approaching retirement worry about running out of money, the Australian Securities and Investments Commission (ASIC) has launched a range of free retirement planning tools and resources on its Moneysmart website.

The national research also found nearly a third (32%) feel they are already behind in preparing for retirement and only 18% have a clear retirement plan in place.

Yet a majority say they want to learn more about super and retirement.

With around 2.5 million Australians expected to retire over the next decade, ASIC’s new Moneysmart Retirement Hub brings together practical tools, calculators and guidance, including its existing Retirement Planner tool, which allows people to see how much retirement income they could have from super, the Age Pension and other sources, and to explore ways to improve their retirement outcome.

ASIC Commissioner Alan Kirkland said the new resources on Moneysmart can help people understand how they are tracking and plan for their future with greater confidence.

UniSuper slashes pension account fees

UniSuper has thrown down the gauntlet to other public offer super funds by halving the asset-based administration fee in its flagship pension product.

From 1 July 2026, more than 42,000 UniSuper members in its Flexi Pension retirement product will see their asset-based administration fee halve from 0.16% to 0.08%. This will apply to Flexi Pension retirement phase and beneficiary income streams, but not its transition to retirement product.

UniSuper estimates the change will save the average Flexi Pension member around $495 per year, and as much as $625 in some cases.

UniSuper chief executive officer Peter Chun said: “Based on our modelling, it means that (members) could have more than $5,000 extra in their accounts through their retirement thanks to this change.”

Super members alerted to dodgy dental practices