What is the Annual Superannuation Performance Test?
Introduced in 2021, the annual superannuation performance test assesses whether investment options are delivering good outcomes for members.
Each year the Government tests how investment options have performed, after fees, over a 10-year period. It compares each option’s return against a benchmark set by legislation. The benchmark estimates how a portfolio with the same broad mix of investments would have performed over the same period.
Why did the funds not pass the test?
Following the market disruption caused by COVID-19, a more cautious investment approach was adopted while markets were recovering. This approach was intended to help manage investment risk during a period of significant uncertainty. As markets recovered, both options delivered lower returns than the benchmark, impacting the 10-year relative assessment.
Investment performance has improved over the past two years, and the fund delivered top-quartile returns during this period. However, because the performance test measures investment returns over a 10-year period, the earlier results continue to affect the overall result. This is why both options did not pass the test for a second consecutive year.
What we’re doing about it
We don’t take this lightly. We’ve thoroughly reviewed the options, covering the investment strategy, asset allocation and underlying investment managers. As a result, we made the following changes:
• We’ve updated the investment strategy to more closely track the benchmark.
• We’ve strengthened the investment team, appointing two experienced portfolio managers focused on delivering better results. These changes are intended to improve alignment with the relevant benchmark, but do not guarantee future performance or a future performance test result.
The early signs are positive, but they do not guarantee the future performance of the options or their ability to pass the performance test in subsequent years.
What are your choices?
Take a moment to read your prescribed notice, then think about what suits your situation. Here’s a simple way to think about your choices:
Stay in your current option
No action needed. Your money stays where it is. We encourage you to review your notice and revisit your choice periodically, especially if your goals or circumstances change.
Switch to another Bendigo Super option
You can switch online at betashares.com.au/super or by completing a Switching Instruction Form. There’s no switching fee, but other transaction costs may apply — including buy/sell spreads and tax. See the PDS for full details.
Before making any changes, think about: your investment goals, tax position, insurance cover, fees, and your personal financial circumstances. The performance test doesn’t account for your individual situation, so if you’re unsure what’s right for you, consider speaking with a licensed financial adviser.
Compare your options
If you want to explore other options, the Government’s YourSuper comparison tool at ato.gov.au/yoursuper lets you compare fees and performance across MySuper options. Note that the option(s) in the notice are not MySuper options, so it’s worth thinking about whether a MySuper option suits your needs.
Move to a different fund
Contact your new fund directly or use myGov to transfer and consolidate your accounts — this can help you avoid paying fees across multiple funds.
This information is general information only. It does not take into account your objectives, financial situation or needs. You should consider whether it is appropriate for you before making a decision and consider the relevant Product Disclosure Statement and Target Market Determination available at https://www.betashares.com.au/super/documents.
Where are the full performance test results?
The full 2026 results are available at apra.gov.au/annual-superannuation-performance-test.
Have a question or concern? We’re here to help.
If you’d like to talk through what this means for you, or if you have a concern you’d like us to look into, please get in touch with our Bendigo Super Client Services team:
Phone: 1800 033 426
Online: Select Contact us
All complaints are handled through our formal complaints process which you can find out more on our Contact us page. We’ll keep you informed of the outcome and let you know about any further options available to you.
Glossary of Terms
You’ll see some technical terms on this page. Here’s a guide to what they mean
The Australian Prudential Regulation Authority (APRA) is Australia’s financial safety regulator. They are an independent statutory authority, accountable to Australian parliament.
A benchmark is a reference point used for comparison, and it will vary depending on its purpose.
Traditionally, an index fund is designed to track a market index, such as ASX 200 or S&P 500. The aim is to invest in the same stocks or bonds as the index the fund wishes to align with.
Important note: Bendigo Index Investment Options have an active management overlay or component.
A wholesale fund can be an actively managed or index fund. An actively managed wholesale fund tries to beat market returns.
Important note: Bendigo Wholesale Investment Options are actively managed using expertise, along with dedicated research, to hand-select the investments.
