Transparency in superannuation

APRA publishes the annual performance test, superannuation heatmaps and a range of fund level and product level publications that all contribute to increased transparency in superannuation. APRA intends to expand the publication of superannuation data over time as new data is available from the Superannuation Data Transformation (SDT) project.

Performance test

APRA is required to conduct an annual performance test for superannuation products. The assessment under the performance test is intended to hold RSE licensees to account for underperformance through greater transparency and increased consequences.

The 2023 Performance Test - insights paper is available here.

Superannuation heatmaps

The APRA publishes heatmaps to increase the transparency and scrutiny of performance delivered by superannuation product offerings.

APRA’s heatmaps presents data in a more flexible format and enables users to interact with the information. The heatmaps uses a graduating colour scheme to provide credible, clear and comparable insights across three areas: investment returns, fees and costs, and of member outcomes.

APRA has released an online, interactive, web-based tool to help users explore the heatmap more easily. Among its features, the tool allows users to sort by RSE licensee, RSE or product, as well as filtering for single-strategy or lifecycle products.