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AustralianSuper is an Australian superannuation fund headquartered in Melbourne, Victoria.It is an industry super fund, and so operates through a mutual fund structure.. With over A$ 340 billion of retirement savings under management and more than 3.4 million members, AustralianSuper is the largest superannuation fund in Australia and the sixteenth largest pension fund in the world.
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An avoidable issue with Australia's superannuation system is employees failing to consolidate multiple accounts, thus being charged multiple account fees. In 2018, of Australia's 15 million superannuation fund members, 40% had multiple accounts, which collectively cost them $2.6 billion in additional fees per year. [80]
From that date, super funds must also credit employer contributions to a MySuper account, unless if the member has directed the trustee to do otherwise. Given that over 75% of employees stay with their employers’ default fund, it was expected that the majority of employees would be in a MySuper product from that date.
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Created in 1989, it has become one of Australia's largest super funds. As at 2019, MTAA Super has more than $12 billion funds under management and represents more than 200,000 members and more than 50,000 active employers. [1] MTAA Super is a public offer fund and allows membership to all Australians.
The Australian Retirement Trust (ART) is an Australian superannuation fund headquartered in Brisbane, Queensland. It has over A$300 billion in retirement savings under management and 2.4 million members, making it Australia's second-largest superannuation fund.