Retirement Roadmap: Experts reveal where you can find Australia’s Best Performing and Lowest Fee Super Funds

Today, leading financial comparison site Mozo is excited to announce the debut of its Superannuation Awards. Grounded in a thorough analysis of super fund fee and performance data, this new award category will empower Australians with the knowledge they need to make informed decisions when selecting a super fund.

“The Mozo Experts Choice Awards analysis provides consumers with valuable insights into funds that have been maximising retirement savings, highlighting options that have performed consistently well,” says Mozo Experts Choice Awards Judge and Data Director AJ Duncanson.

Since launching in 2014, the Mozo Experts Choice Awards have identified the top performers in banking, insurance, and energy. With the introduction of the Superannuation awards, Mozo aims to help Australians find a fund that will support their long-term financial wellbeing.

Recent research by Mozo^ shows that 40% of Australians with super funds don’t know how much they have saved, while 15% are unaware they can make voluntary contributions. This indicates a significant knowledge gap regarding superannuation in Australia, underscoring the importance of expert guidance to help members compare and select the best fund for their needs.

“Superannuation is a cornerstone of retirement planning, making it crucial for Australians to have clear guidance on the best-performing funds and those with the lowest fees without sacrificing quality,” Duncanson adds.

“However, our research indicates a lack of vital information about how super funds operate and which options offer the best opportunities for consistent returns. The Mozo Experts Choice Awards winners list serves as a valuable starting point for consumers looking to compare their choices.”

Experts analyse 397 options from 53 super funds 

Choosing the winners of the Mozo Experts Choice Awards for Superannuation 2025 involved an in-depth analysis of 397 options from 53 super funds using an extensive dataset from the Australian Prudential Regulatory Authority (APRA)*.

Mozo experts completed the exhaustive analysis to simplify complex performance and fee information, and provide a clear overview of the super funds that have excelled in various investment options.

“To identify the best investment opportunities in areas that matter most to Australians, we evaluated MySuper options and diversified pre-mixed choice options,” Duncanson explains. 

“Our team used an extensive dataset from APRA to assess funds offering the best value across three balance scenarios and four time horizons, excluding options with less than five years of data.”

Australia’s Best Super Fund - Colonial First State

This year, Colonial First State (CFS) has been awarded Australia’s Best Super Fund for their FirstChoice Wholesale Personal Super product. CFS excelled in multiple categories, securing a total of eight awards, including the prestigious Exceptional MySuper award, and ranked highly for their offerings tailored to Gen Z and Millennials. The fund also stands out for providing several low-cost options among its extensive investment menu.

Duncanson elaborates, “The award goes to the fund that demonstrates consistent value across various performance metrics. We evaluate funds based on their net returns, taking into account fees, to provide a comprehensive view of performance over one, three, five, and nine years when data is available.”

Highly Commended Super Fund - UniSuper

UniSuper has been awarded the Highly Commended Super Fund for 2025, securing a total of nine awards, excelling in the Conservative, Balanced, and Growth performance categories, as well as in each generational scenario.

Exceptional Super Awards

The Exceptional MySuper and Super awards highlighted the top-performing MySuper products, which are designed as default options for members who do not choose an alternative, and the top-performing super products by investment option.

MySuper Winners 

• CFS FirstChoice Wholesale Personal Super (CFS Lifestage Essential Super)
• GuildSuper (MySuper)
• HESTA (MySuper Balanced Growth)
• iQ Super (For Life GoalTracker)
• Mine Super (Lifecycle)
• Virgin Money Super (LifeStage Tracker)
• Vision Super (MySuper)

Winners for key investment options

• High Growth: CFS FirstChoice Wholesale Personal Super (CFS Geared Growth Plus), MLC MasterKey Super (Fundamentals), MLC (Aggressive), Spaceship (Super GrowthX), UniSuper (Sustainable High Growth)
• Growth: Australian Retirement Trust (High Growth), HESTA (High Growth), Prime Super (Managed Growth)
• Balanced: ClearView WealthFoundations IPS (Active Strategic 70), UniSuper (Balanced), UniSuper (Sustainable Balanced), Verve Super (Verve Super Balanced)
• Conservative: CareSuper (Conservative Balanced), First Super (Conservative Balanced), Prime Super (Income focused), UniSuper (Conservative Balanced)

Winners for different generations

Recognising the diverse investment needs of different generations is vital, so Mozo evaluated the best funds for each generation based on the average account balance and the different investment horizons, with a focus on fees for Gen X.

• Best for Gen X: Aware Super, Guild Super, Prime Super, UniSuper
• Best for Millennials: CFS FirstChoice Wholesale Personal Super, iQ Super - For Life, Mine Super, UniSuper
• Best for Gen Z: CFS FirstChoice Wholesale Personal Super, Essential Super, UniSuper, Vanguard Super

Low Fee Awards

In the Low Fee Super and Low Fee MySuper awards, we awarded funds that offered the lowest fees, which is particularly important for members with lower super balances. However, low fees can be misleading if a fund's performance is subpar, so any options in the bottom quartile for average net returns were excluded.

MySuper Winners

• Australian Food Super (MySuper)
• CFS FirstChoice Wholesale Personal Super (CFS Lifestage Essential Super)
• UniSuper (MySuper)
• Vanguard Super (SaveSmart Lifecycle)
• Virgin Money Super (LifeStage Tracker)

Winners for key investment options

• High Growth: Essential Super (High Growth Index), Hostplus Indexed (High Growth)
• Growth: AustralianSuper (Indexed Diversified), Hostplus (Indexed Balanced)
• Balanced: CFS FirstChoice Wholesale Personal Super (CFS Index Diversified), CFS FirstChoice Wholesale Personal Super (CFS Index Moderate), ClearView WealthFoundations IPS (Index Base 50)
• Conservative:  Hostplus (Indexed Defensive), Hostplus (Socially Responsible Investment – Defensive), OneAnswer Frontier Personal Super (OnePath Conservative Index)

Notes: For the 2025 Superannuation Awards, Mozo’s experts analysed 397 options from 53 super funds based on APRA Quarterly Superannuation Product Statistics March 2024. Mozo experts checked and corrected data to ensure quality, and reviewed up-to-date Product Disclosure Statements and other publications during September 2024. Past performance is not a reliable indicator of future performance.

 For a full winners list and methodology click here.

* APRA Quarterly Superannuation Product Statistics March 2024

^ Mozo commissioned a nationally representative survey of 2,129 Australians aged 18 years and over, with information collected between 19 July and 5 August 2024  via Researchify.