Every year the Australian Prudential Regulation Authority (APRA) runs a performance test on super products to weed out persistent underperformers. The 2026 results are out — and 12 products failed. Here’s what that means, and how to check whether your money is in one of them.
What the 2026 test found
- 547 products assessed, covering about 61% of APRA-regulated super member benefits.
- 12 products failed — 1 of 50 MySuper (default) products, and 11 of 141 platform trustee-directed products.
- Platform products were both materially more expensive and more likely to have underperformed over 10 years.
- Administration fees are falling across the board — good news for members, since lower fees lift net returns.
Source: APRA — 2026 superannuation performance test and product insights.
What happens if a fund fails?
A product that fails must write to its members telling them it underperformed, and it can be closed to new members until it passes again. Failing two years in a row is a serious signal — several of this year’s failures were repeat offenders. But here’s the catch: plenty of underperforming options sit just above the fail line, or aren’t captured by the test at all — so “didn’t fail” is not the same as “good”.
3 signs your fund may be quietly underperforming (even if it “passed”)
Your fees are bigger than they look
You never get a bill for super fees — they’re quietly deducted from your balance and your returns before they ever show on your statement, buried inside MERs (management expense ratios) and investment fees. That’s exactly why most people have no idea they’re overpaying — and even a fraction of a percent compounds into thousands over time. Platform products are often the worst offenders.
You’re in the default option — but you’re not “default”
Most people never actually chose how their super is invested; they’re sitting in whatever their fund put them in. But risk appetite is personal, and it shifts with age. A 30-year-old has 30+ years to ride out the ups and downs and usually should be in a higher-growth mix; a 50-year-old nearing retirement needs to think about protecting what they’ve built. One-size-fits-all rarely fits you.
You’ve never had it checked
Most people have never had their fund properly benchmarked against comparable options — and are also quietly paying for default insurance inside super they may not even need.
How to check if your fund passed
- Use the ATO YourSuper comparison tool — it flags whether your MySuper product passed or failed and ranks it on fees and returns.
- Check any letter from your fund — failed products must notify members in writing.
- Look beyond the pass/fail: your fees, your investment option, and the insurance inside your account all matter as much as the test result.
What to do if you’re worried
- Don’t knee-jerk switch. A switch can trigger tax, timing and insurance consequences — sometimes you lose valuable cover you can’t get back. This is a decision to make with the full picture, not off a headline.
- Don’t try to figure it all out alone. Doing it properly means digging into your real fees (including the hidden MERs and investment costs that never hit your statement), your long-term net performance against genuinely comparable options, the insurance buried inside your account, and whether your investment mix even suits your age and risk appetite. Most people start, drown in PDSs and fee tables, and give up.
- Let an advisory firm do the heavy lifting. Using a licensed adviser to run the review means it’s done thoroughly and in detail — a professional working through the full picture against your goals, not a rushed guess. And the process is simple: a short form, a quick chat, and you get a clear, plain-English answer on where you stand and what (if anything) to do — so you walk away with genuine assurance and peace of mind instead of second-guessing.
The smartest move isn’t to DIY it — it’s to book a complimentary review and let an expert handle the detail for you.
Frequently asked questions
How many super funds failed the 2026 APRA test?
12 products failed APRA's 2026 performance test — 1 of 50 MySuper products and 11 of 141 platform trustee-directed products, out of 547 products assessed.
How do I know if my super fund failed?
Use the ATO's YourSuper comparison tool, which shows whether your MySuper product passed or failed, and watch for a notification letter — funds that fail must write to their members.
What should I do if my fund underperformed?
Don't switch on the test result alone — consider fees, your investment option and insurance, and the tax/timing of any switch. Getting a review or personal advice first is the safer move.
Not sure which fund is right for you?
Get a complimentary, no-obligation review of your fees, performance and insurance from a licensed Donmont adviser.
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