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Choice Heatmap - metric definitions

The table below provides the details of the metrics in the Choice Heatmap, including definitions, the data sources used to calculate the metrics, and the data items used to calculate the metrics are published. Detailed information on the methodology, including formulae for metrics, can be found in the Methodology paper - Choice Heatmap

Level Metric Definition Data source Data published in
Choice option Strategic growth asset allocation as at 30 June 2021 The allocation to growth assets as at 30 June 2021 based on strategic asset allocation data provided to APRA and a consistent definition of growth and defensive assets used for this analysis only. See Methodology paper - Choice Heatmap  for further details. SuperRatings Underlying data not publicly available
Choice option Net Investment Return (NIR) p.a. - 3 year, 5 year and 7 year The annualised geometric average of the net investment returns (gross returns net of investment-related fees, costs and taxes) for the three, five or seven year period. SuperRatings Underlying data not publicly available
Choice option NIR relative to Simple Reference Portfolio p.a. - 3 year, 5 year and 7 year Three, five or seven year NIR against the three, five or seven year annualised return of a Simple Reference Portfolio (a simple, low-cost, liquid portfolio, risk matched to the respective Choice option’s growth / defensive exposure). See Methodology paper - Choice Heatmap for more details of the Simple Reference Portfolio.  SuperRatings Underlying data not publicly available
Choice option NIR relative to SAA Benchmark Portfolio p.a. - 3 year, 5 year and 7 year Three, five or seven year NIR against the three, five or seven year annualised return of a benchmark portfolio based off the Choice option's provided SAA. See Methodology paper - Choice Heatmap for more details of the SAA Benchmark Portfolio.  SuperRatings Underlying data not publicly available
Choice option Net Return ($50,000 rep member p.a.) - 3 year, 5 year and 7 year The annualised geometric average of the net returns (gross returns net of all fees, costs and taxes) for the three, five or seven year period for a representative member. SuperRatings Underlying data not publicly available
Choice product Administration fees disclosed (% of account balance) A fee within the meaning given in s. 29V(2) of the SIS Act, gross of tax, calculated as a percentage of account balance.

For products that have disclosed their fees and costs under new RG 97 fee disclosure requirements, the Heatmap’s ‘administration fees’ metrics uses ‘administration fees and costs’ disclosed in their Product Disclosure Statement.

SuperRatings Underlying data not publicly available
Choice option Total fees and costs disclosed
(% of account balance)
The sum of the indirect cost ratio, investment fees and administration fees disclosed, gross of tax, calculated as a percentage of account balance, with respective meanings given in cl. 104(1) of Schedule 10 to the Corporations Regulations, s. 29V(3) of the SIS Act, and s. 29V(2) of the SIS Act. Excludes activity fees.

For options that have disclosed their fees and costs under new RG 97 fee disclosure requirements, the Heatmap’s ‘total fees and costs’ metrics uses the ‘administration fees and costs’, and ‘investment fees and costs’ disclosed in the product’s Product Disclosure Statement.

SuperRatings Underlying data not publicly available
RSE RSE adjusted total accounts growth rate (3 year average) The average annual percentage change in member accounts averaged over the three year period, excluding Successor Fund Transfers (SFTs) and account consolidations.  Member accounts at the beginning of reporting period 
SRF 610.1 Item 1 Column 1

New member accounts, of which: Successor fund transfers
SRF 610.1 Item 2.2 Column 1

Member accounts at the end of the reporting period
SRF 610.1 Item 4 Column 1

Account closure by Consolidation of accounts, and Successor fund transfer
SRF 610.1 Item 5 Column 2

Annual
Fund-level Superannuation Statistics
RSE RSE Net Cash Flow Ratio (3 year average) Members' benefits flows in less members' benefits flows out as a percentage of cash flow adjusted net assets averaged over the three year period, excluding SFTs. Members' benefits flows in
SRF 330.0 Item 1.1, Item 1.2, Item 1.3, Item 1.5, Item 1.6, Item 1.11, Item 1.8, Item 13

Members' benefits flows out
SRF 330.0 Item 2.1.1, Item 2.1.2, Item 2.2, Item 2.4, Item 2.6, Item 14

Cash flow adjusted net assets
SRF 320.0 Item 21, 'Members' benefits flows in', 'Members' benefits flows out'

Annual
Fund-level Superannuation Statistics
RSE RSE Net Rollover Ratio (3 year average) RSE rollovers in less rollovers out as a percentage of cash flow adjusted net assets averaged over the three year period, excluding SFTs. 'Cash flow adjusted net assets'

Inward rollovers
SRF 330.0 Item 1.8

Outward rollovers
SRF 330.0 Item 2.2

Annual
Fund-level Superannuation Statistics

For more information

Email MemberOutcomes@apra.gov.au or mail to

Senior Manager Member Outcomes
Australian Prudential Regulation Authority
GPO Box 9836, Sydney NSW 2001