Which super funds failed the 2026 performance test?
12 products failed APRA's 2026 test: 1 MySuper product and 11 trustee-directed products, 5 of them for a second year running. The MySuper product was BUSSQ MySuper. APRA tests each MySuper and trustee-directed product every year against a benchmark built from its own investments.
APRA's results, published 28 August 2026, with data to 30 June 2026.
- MySuper products
- 1 of 50 failed
- Trustee-directed, on platforms
- 11 of 141 failed
- 5 of them for a second year running
- Trustee-directed, on a fund's own menu
- 0 of 356 failed
How close every product came to the fail line
2026 test measures, a yearOne dot for each of the 49 MySuper products with a measure; 1 product had under seven years of history, which counts as a pass. Hover or tap a dot for its name, or see every product's measure.
One dot for each of the 298 options with a measure, of 497 tested; the rest had under seven years of history. The lowest was North Guardian Growth Fund, at -2.02%. Every option that failed is listed below.
1 MySuper product failed and 49 passed
- BUSSQ MySuperBuilding Unions Superannuation Scheme (Queensland)
66,480 accounts holding $6.4 billion. Passed in 2024 and 2025.
Failed-0.52%
The figure beside each result is the test measure: how far a year the product's return, adjusted for its administration fees, landed above or below APRA's benchmark. -0.50% or lower fails. Every MySuper product's measure is below.
11 investment options failed, all of them on platforms
Trustee-directed products are the diversified choice options a fund or its related company designs, offered on its own menu (non-platform) or on a wrap or master trust platform. The test applies to each option within each fund, wherever it is offered.
6 failed for the first time
- MLC MultiActive GearedIOOF Portfolio Service Superannuation Fund
Through Expand Essential Retirement Boost (Super), Expand Essential Super, Expand Extra Retirement Boost (Super), Expand Extra Super, IOOF Employer Super and IOOF Personal Super; about 1,630 accounts. Still open to new members.
Failed-1.03% - MLC MultiActive High GrowthIOOF Portfolio Service Superannuation Fund
Through Cornerstone Portfolio Service Retirement Boost (Super), Expand Essential Retirement Boost (Super), Expand Essential Super, Expand Extra Retirement Boost (Super), Expand Extra Super, IOOF Employer Super and IOOF Personal Super; about 950 accounts. Still open to new members.
Failed-0.77% - MLC MultiActive Geared TrustOasis Superannuation Master Trust
Through Voyage Superannuation Master Trust; about 30 accounts. Closed to new members.
Failed-0.82% - MLC MultiActive High Growth TrustOasis Superannuation Master Trust
Through Voyage Superannuation Master Trust; about 20 accounts. Closed to new members.
Failed-0.77% - MLC MultiActive Geared TrustRetirement Portfolio Service
Through Grow Wrap Super and Pension Service; fewer than 20 accounts. Closed to new members.
Failed-0.74% - MLC MultiActive High Growth TrustRetirement Portfolio Service
Through Grow Wrap Super and Pension Service; fewer than 20 accounts. Closed to new members.
Failed-0.67%
5 failed a second year running, so they're closed to new members
- Bendigo Balanced Wholesale FundThe Bendigo Superannuation Plan
Through Bendigo SmartStart Super; about 660 accounts. Closed to new members.
Failed twice-0.81% - Bendigo High Growth Index FundThe Bendigo Superannuation Plan
Through Bendigo SmartStart Super; about 760 accounts. Closed to new members.
Failed twice-0.74% - North Guardian Balanced FundWealth Personal Superannuation and Pension Fund
Through MyNorth Super and North Super; about 350 accounts. Closed to new members.
Failed twice-1.79% - North Guardian Growth FundWealth Personal Superannuation and Pension Fund
Through MyNorth Super and North Super; about 300 accounts. Closed to new members.
Failed twice-2.02% - North Guardian Moderately Defensive FundWealth Personal Superannuation and Pension Fund
Through MyNorth Super and North Super; fewer than 20 accounts in each product. Closed to new members.
Failed twice-1.65%
How many failed each year since 2024
| Year | MySuper products | Trustee-directed, on platforms | Trustee-directed, on a fund's own menu |
|---|---|---|---|
| 2026 | 1 of 50 failed | 11 of 141 failed | 0 of 356 failed |
| 2025 | 0 of 52 failed | 7 of 137 failed | 0 of 374 failed |
| 2024 | 0 of 57 failed | 37 failedAPRA didn't publish how many it tested | 0 failedAPRA didn't publish how many it tested |
The 7 products that failed in 2025
- MLC Wholesale Horizon 2 Income Portfolio, IOOF Portfolio Service Superannuation Fund. Trustee-directed, on a platform, its second fail in a row.
- Bendigo Balanced Wholesale Fund, The Bendigo Superannuation Plan. Trustee-directed, on a platform.
- Bendigo High Growth Index Fund, The Bendigo Superannuation Plan. Trustee-directed, on a platform.
- MyNorth Index Moderately Defensive, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform.
- North Guardian Balanced Fund, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform, its second fail in a row.
- North Guardian Growth Fund, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform, its second fail in a row.
- North Guardian Moderately Defensive Fund, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform, its second fail in a row.
The 37 products that failed in 2024
- MLC Wholesale Horizon 2 Income Portfolio, IOOF Portfolio Service Superannuation Fund. Trustee-directed, on a platform, its second fail in a row.
- AMP Capital Multi Asset Fund, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform.
- Experts' Choice Balanced Fund, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform, its second fail in a row.
- Experts' Choice Conservative Fund, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform, its second fail in a row.
- Experts' Choice Diversified Interest Income Fund, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform, its second fail in a row.
- Experts' Choice Growth Fund, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform, its second fail in a row.
- Experts' Choice Property and Infrastructure Fund, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform, its second fail in a row.
- Generations Balanced, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform, its second fail in a row.
- Generations Balanced Index, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform, its second fail in a row.
- Generations Defensive, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform, its second fail in a row.
- Generations Growth, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform, its second fail in a row.
- Generations Growth Index, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform, its second fail in a row.
- Generations High Growth, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform, its second fail in a row.
- Generations Moderately Defensive, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform, its second fail in a row.
- Generations Moderately Defensive Index, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform, its second fail in a row.
- ipac Inflation Plus 4 Strategy, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform, its second fail in a row.
- ipac Inflation Plus 6 Strategy, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform, its second fail in a row.
- ipac Inflation Plus 7 Strategy, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform, its second fail in a row.
- ipac Pathways 30, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform, its second fail in a row.
- ipac Pathways 70, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform, its second fail in a row.
- ipac Pathways 85, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform, its second fail in a row.
- ipac Pathways 95, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform, its second fail in a row.
- ipac Select Income Generator, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform.
- MyNorth Dynamic Balanced Fund, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform, its second fail in a row.
- MyNorth Retirement Fund, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform.
- North Active Defensive, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform.
- North Active Growth, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform.
- North Active High Growth, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform.
- North Active Moderately Defensive, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform.
- North Guardian Balanced Fund, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform, its second fail in a row.
- North Guardian Growth Fund, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform, its second fail in a row.
- North Guardian Moderately Defensive Fund, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform, its second fail in a row.
- SUMMIT Select Diversified Active - Balanced, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform, its second fail in a row.
- SUMMIT Select Diversified Active - Defensive, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform.
- SUMMIT Select Diversified Active - Growth, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform, its second fail in a row.
- SUMMIT Select Diversified Active - High Growth, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform.
- SUMMIT Select Diversified Active - Moderately Defensive, Wealth Personal Superannuation and Pension Fund. Trustee-directed, on a platform.
APRA's files for years before 2025 do not identify each trustee-directed option, so those years show the failures APRA lists but not how many options were tested.
How close each MySuper product came, narrowest first
* Under seven years of history, which the test treats as a pass without a measure.
What happens to a product that fails
Members are told
The trustee must write to every member of the failed product within 28 days of APRA's result, in a set format ASIC checks for misleading claims.
A plan to fix it
APRA expects the trustee to find the cause and fix it, or to move members to a better product or fund if that is in their best interests.
A second fail closes it
A product that fails two years running cannot take new members from the day after members are told. APRA can let it reopen once it passes again.
Your money stays put
The result does not move anyone's super. You can stay, change investment option or roll over to another fund; check insurance before you move.
Questions about the test
- Which super funds failed the 2026 performance test?
- 12 products failed APRA's 2026 test: 1 MySuper product and 11 trustee-directed products, 5 of them for a second year running. The MySuper product was BUSSQ MySuper (Building Unions Superannuation Scheme (Queensland)). The trustee-directed products: MLC MultiActive Geared and MLC MultiActive High Growth (IOOF Portfolio Service Superannuation Fund); MLC MultiActive Geared Trust and MLC MultiActive High Growth Trust (Oasis Superannuation Master Trust); MLC MultiActive Geared Trust and MLC MultiActive High Growth Trust (Retirement Portfolio Service); Bendigo Balanced Wholesale Fund and Bendigo High Growth Index Fund (The Bendigo Superannuation Plan); North Guardian Balanced Fund, North Guardian Growth Fund and North Guardian Moderately Defensive Fund (Wealth Personal Superannuation and Pension Fund).
- Which MySuper products came closest to failing?
- The narrowest passes in 2026 were MySuper - IQ Super, Resource Super & Nationwide (-0.42%), SignatureSuper - MySuper (-0.39%) and SignatureSuper - AFLPA AFL MySuper (-0.31%). A result of -0.50% a year or lower is a fail.
- What happens if my super fund fails the performance test?
- The trustee must write to members of the failed product within 28 days. APRA expects it to fix the underperformance or, if that is in members' best interests, move them to a better product. A product that fails two years running is closed to new members until it passes again. The result does not move anyone's money by itself: you can stay, change investment option or roll over to another fund.
- How does the performance test work?
- APRA compares a product's return after investment fees and taxes, over up to ten years to 30 June, with a benchmark built from the product's own mix of assets, then adjusts for how its administration fees compare with the benchmark fee. A combined result of -0.50% a year or lower is a fail. Products with under seven years of history are treated as passing.
- When are the results published?
- APRA must publish the results before 1 September each year. The 2026 results came out on 28 August 2026, with data to 30 June 2026, and the ATO's YourSuper comparison tool carries them for MySuper products.
Source: Australian Prudential Regulation Authority (APRA), Comprehensive Product Performance Package 2026: data to 30 June 2026, published 28 August 2026. Licensed under CC BY 4.0 and normalised by The Finance Algorithm, which shows APRA's figures as percentages and dollars a year. APRA has not reviewed or endorsed this page.
General information only, not financial advice. Past performance is not a reliable indicator of future returns. Check your fund's product disclosure statement and your annual statement before you act, and consider whether advice suits your situation.