The annual government test checks how much your super investment option has earned (after costs) over time. It compares your investment option’s earnings with those of a similar investment option over the same period. The test is done at the investment option level. There may be a range of fees associated with an investment option. The test does not account for your personal situation, fees or tax.
Super funds with investment options that fail this test are required to tell you.
You can find out more about super at moneysmart.gov.au.
What things should I consider when deciding to switch super investment options or funds?
The performance test does not take into account your individual circumstances. You should think about your investment plans and personal situation, such as investment goals and values, as well as insurance, fees and tax impacts, when switching. You may wish to speak to a financial adviser about your personal circumstances.
How can I find a new super investment option or fund?
You may find it helpful to use the Australian Government’s YourSuper comparison tool. You can use the tool to compare the fees and earnings of simple, low‑cost MySuper investment options. Note that the investment options listed above are not MySuper investment options. You should think about whether a MySuper investment option is right for you. Go to ato.gov.au/yoursuper or use the QR code above.
How do I consolidate my super?
If you open an account with a new super fund, contact the new fund or use myGov to consolidate your money, saving on fees by avoiding charges on multiple accounts.
What happens if a super investment option fails two or more years in a row?
If a super investment option fails the test at least two years in a row, it cannot accept new members until it passes a future test. You should think about the impact of this on the investment option’s ability to improve.
Your money will stay in the failed super investment option unless you move it.
[Use the following template if: one or more Part 6A products are a trustee‑directed product, the beneficiary accessed the product via a platform investment menu, and the conditions in subsection 60F(1) of the Act (2 consecutive fail assessments) are not satisfied for these products]
Dear [insert the name of the beneficiary of the superannuation entity],
[If the beneficiary holds only one failed Part 6A product offered by the superannuation entity, include the following paragraph]
Your superannuation investment option [insert the name of the superannuation entity and the name of the Part 6A product] has failed the annual performance test. You should think about moving your money to a different super investment option or fund.
[If the beneficiary holds more than one failed Part 6A product offered by the superannuation entity, include the following paragraph]
You have multiple superannuation investment options in [insert the name of the superannuation entity] that have failed the annual performance test. You should think about moving your money to a different super investment option or fund.
The Australian Government tests your super fund’s investment options every year to make sure your savings are well managed for when you retire. Funds that fail this test are required by law to tell you.
You had $[insert the beneficiary’s total account balance for all investment options offered by the superannuation entity as at 30 June in the calendar year in which the date of this letter falls] invested in [insert the name of the superannuation entity] on 30 June [insert the calendar year in which the date of this letter falls] and paid a total of $[insert total fees and costs charged to the beneficiary in the relevant financial year, excluding insurance fees] in fees in the last financial year. You had the following amount invested in failing investment options: [insert a bullet list with the name of each failed Part 6A product, followed by the beneficiary’s account balance for that Part 6A product as at 30 June in the calendar year in which the date of this letter falls, in parentheses]
[If the bullet list above has one failed Part 6A product, include the following paragraph]
Your money will stay in this failing investment option in [insert the name of the superannuation entity] unless you move it.
[If the bullet list above has more than one failed Part 6A product, include the following paragraph]
Your money will stay in these failing investment options in [insert the name of the superannuation entity] unless you move it.
Finding a better super investment option could be worthwhile for your future. You could save thousands of dollars more for when you retire by switching to a better investment option or super fund. Super is a long‑term investment. By earning 1% more each year for 30 years, you could retire with 20% more in savings; for example, your super could increase from $100,000 to $120,000.
This letter does not take your personal situation into account. Before switching investment options, you should think about your investment plans and personal situation, such as investment goals and values, as well as insurance, fee and tax impacts. You may wish to speak to a financial adviser about your personal circumstances if you are unsure.
Your questions answered
What is the annual performance test?
The annual government test checks how much your super investment option has earned for you (after costs) over time. It compares your investment option’s earnings with those of a similar investment option over the same period. The test is done at the investment option level. There may be a range of fees associated with an investment option. The test does not account for your personal situation, fees or tax.
Super funds with investment options that fail this test are required to tell you.
You can find out more about super at moneysmart.gov.au.
What things should I consider when deciding to switch super investment options or funds?
The performance test does not take into account your individual circumstances. You should think about your investment plans and personal situation, such as investment goals and values, as well as insurance, fees and tax impacts, when switching. You may wish to speak to a financial adviser about your personal circumstances.
How can I find a new super investment option or fund?
You may find it helpful to use the Australian Government’s YourSuper comparison tool. You can use the tool to compare the fees and earnings of simple, low‑cost MySuper investment options. Note that the investment options listed above are not MySuper investment options. You should think about whether a MySuper investment option is right for you. Go to ato.gov.au/yoursuper or use the QR code below:
[insert QR code for ato.gov.au/yoursuper]
How do I consolidate my super?
If you open an account with a new super fund, contact the new fund or use myGov to consolidate your money, saving on fees by avoiding charges on multiple accounts.
What happens if a super investment option fails two or more years in a row?
If a super investment option fails the test at least two years in a row, it cannot accept new members until it passes a future test. You should think about the impact of this on the investment option’s ability to improve.
Your money will stay in the failed super investment option unless you move it.
[Use the following template if: one or more Part 6A products are a trustee‑directed product, the beneficiary accessed the product via a platform investment menu, and the conditions in subsection 60F(1) of the Act (2 consecutive fail assessments) are satisfied for these products]
Dear [insert the name of the beneficiary of the superannuation entity],
[If the beneficiary holds only one failed Part 6A product offered by the superannuation entity, include the following paragraph]
Your superannuation investment option [insert the name of the superannuation entity and the name of the Part 6A product] has failed the annual performance test at least 2 years in a row. We are now banned from accepting new members into this investment option until it passes a future test. You should think about moving your money to a different super investment option or fund.
[If the beneficiary holds more than one failed Part 6A product offered by the superannuation entity, include the following paragraph]
You have multiple superannuation investment options in [insert the name of the superannuation entity] that have failed the annual performance test at least 2 years in a row. We are now banned from accepting new members into these investment options until they pass a future test. You should think about moving your money to a different super investment option or fund.
The Australian Government tests your super fund’s investment options every year to make sure your savings are well managed for when you retire. Funds that fail this test are required by law to tell you.
You had $[insert the beneficiary’s total account balance for all investment options offered by the superannuation entity as at 30 June in the calendar year in which the date of this letter falls] invested in [insert the name of the superannuation entity] on 30 June [insert the calendar year in which the date of this letter falls] and paid a total of $[insert total fees and costs charged to the beneficiary in the relevant financial year, excluding insurance fees] in fees in the last financial year. You had the following amount invested in failing investment options: [insert a bullet list with the name of each failed Part 6A product, followed by the beneficiary’s account balance for that Part 6A product as at 30 June in the calendar year in which the date of this letter falls, in parentheses]
[If the bullet list above has one failed Part 6A product, include the following paragraph]
Your money will stay in this failing investment option in [insert the name of the superannuation entity] unless you move it.
[If the bullet list above has more than one failed Part 6A product, include the following paragraph]
Your money will stay in these failing investment options in [insert the name of the superannuation entity] unless you move it.
Finding a better super investment option could be worthwhile for your future. You could save thousands of dollars more for when you retire by switching to a better investment option or super fund. Super is a long‑term investment. By earning 1% more each year for 30 years, you could retire with 20% more in savings; for example, your super could increase from $100,000 to $120,000.
This letter does not take your personal situation into account. Before switching investment options, you should think about your investment plans and personal situation, such as investment goals and values, as well as insurance, fee and tax impacts. You may wish to speak to a financial adviser about your personal circumstances if you are unsure.
Your questions answered
What is the annual performance test?
The annual government test checks how much your super investment option has earned for you (after costs) over time. It compares your investment option’s earnings with those of a similar investment option over the same period. The test is done at the investment option level. There may be a range of fees associated with an investment option. The test does not account for your personal situation, fees or tax.
Super funds with investment options that fail this test are required to tell you.
You can find out more about super at moneysmart.gov.au.
What things should I consider when deciding to switch super investment options or funds?
The performance test does not take into account your individual circumstances. You should think about your investment plans and personal situation, such as investment goals and values, as well as insurance, fees and tax impacts, when switching. You may wish to speak to a financial adviser about your personal circumstances.
How can I find a new super investment option or fund?
You may find it helpful to use the Australian Government’s YourSuper comparison tool. You can use the tool to compare the fees and earnings of simple, low‑cost MySuper investment options. Note that the investment options listed above are not MySuper investment options. You should think about whether a MySuper investment option is right for you. Go to ato.gov.au/yoursuper or use the QR code below:
[insert QR code for ato.gov.au/yoursuper]
How do I consolidate my super?
If you open an account with a new super fund, contact the new fund or use myGov to consolidate your money, saving on fees by avoiding charges on multiple accounts.
What happens if a super investment option fails two or more years in a row?
If a super investment option fails the test at least two years in a row, it cannot accept new members until it passes a future test. You should think about the impact of this on the investment option’s ability to improve.
Your money will stay in the failed super investment option unless you move it.
Schedule 3—Prescribed form of advertisement of scheme for winding‑up or dissolution
(regulation 13.20)
Scheme for [insert ‘Winding‑up’, ‘Dissolution’ or both] of [insert name of superannuation entity]
Acting under subsection 142(1) of the Superannuation Industry (Supervision) Act 1993, [insert name of Regulator] has formulated a scheme for the [insert ‘Winding‑up’, ‘Dissolution’ or both] of [insert name of superannuation entity].
Summary of scheme:
[Set out a summary of the scheme].
The trustee of [insert name of superannuation entity] has been notified in writing of the scheme.
Any person whose interests are affected by the scheme may obtain a copy of the scheme from the offices of [insert name of Regulator] listed below.
[Insert details of the Regulator’s offices].
Schedule 4—Approved bodies
Note: See the definition of approved body in subregulation 13.15A(2).
1 Approved bodies
Each body in the following table is an approved body for the purposes of regulation 13.15A.