The 2025 annual superannuation performance test - trustee directed products

APRA is required to conduct an annual performance test for superannuation products. A total of 511 trustee directed products, or TDPs, were assessed in this year’s test. The assessment under the performance test is intended to hold RSE licensees to account for underperformance through greater transparency and increased consequences.

Trustee directed products, or TDPs, are multi-asset products where the trustee or connected entity has control over the investment strategy and/or the management of investments. There are two types of TDP products:

• Non-platform products
• Platform products

Related documents

TDP non-platform performance test results

2025 TDP non-platform performance test - accessible version

TDP platform performance test results

2025 TDP platform performance test - accessible version

Failing products

Immediate expectations of RSE licensees with failed products

For all products that fail the test for the first time, RSE licensees to:

• Identify the causes of underperformance and develop and implement a plan to rectify this underperformance; or
• If it is in the best interests of members, develop a plan to transfer members to another option, product or fund and/or exit the industry.
• If the product is already closed to new members and the RSE licensee does not intend to exit members, demonstrate why retaining members in the closed product is in members’ best financial interests.

Additionally, for second consecutive fail products, RSE licensees to: 

• Ensure the product is closed to new members on the day following the notification.

First time fails

Consecutive fails