Evidence-backed. Sourced from APRA’s official superannuation heatmap publications, APRA’s product performance database, KPMG Super Insights 2026, Monash University’s December 2025 fund performance analysis, and independent research from Canstar and Super Review. General information only — not financial advice. Before switching funds or products, consider your insurance, investment options and tax position; consult a licensed financial adviser if unsure. Last updated: June 2026.
⚡ Key Takeaways
- APRA’s superannuation heatmaps cover all MySuper and Choice products, using a colour scale to show outcomes on investment performance, fees and member-outcome sustainability. A dark-red product on this heatmap is APRA’s data-backed way of saying: this product is delivering poor outcomes and something needs to change. [1][4]
- In the first combined MySuper + Choice heatmap, about 45% of MySuper products delivered returns below the benchmark over seven years, and about 60% of Choice investment options delivered below-benchmark returns — with more than 25% delivering “significantly poor” returns. Choice products charged considerably higher fees with no clear performance benefit. [3][5]
- The first MySuper heatmap alone delivered $408 million in fee savings in its first year, with 10 million members (71% of MySuper members) paying lower total fees and 11 underperforming products exiting the industry. The heatmap is not just a transparency tool — it has direct market consequences. [6][4]
- A fund that underperforms the benchmark by 0.5–1% per year after fees can leave a typical worker $50,000–$150,000 worse off at retirement compared with a strong low-fee alternative. APRA’s data shows many dark-red products sit in exactly this underperformance band. [9][6]
- The heatmap strategy is public shaming, not forced switching. APRA names and colour-codes the underperformers — but unless you look up your product and act, the information is worthless to you. If you’ve never checked your product on APRA’s heatmap, now is the time. [1][2][4]
The APRA Super Heatmap: How to Check If Your Fund Is Quietly Destroying Your Retirement
By The Fine Print editorial team | Last updated: June 2026 | 13 min read | ⚠️ Not financial advice
APRA has already built the list of super funds that are quietly destroying people’s retirements. They just put it in a colour-coded heatmap instead of calling it that. The APRA superannuation heatmap — updated at least annually — rates every MySuper and Choice product in Australia on investment returns, fees and member outcomes. Dark red means the product is consistently delivering poor returns or charging high fees for what it delivers. More than a quarter of Choice options fall into the “significantly poor” returns category. And yet most Australians have never looked their own product up. If you’re in a dark-red product and you don’t know it, you’re potentially losing tens of thousands of dollars of retirement savings to a problem APRA has already documented, named and published for everyone to see. This guide shows you exactly how to find your product on APRA’s tools, what to do if it’s in the red zone, and how to build this check into an annual habit.📋 What’s in This Guide
How APRA’s Heatmap and Performance Tools Work
APRA runs two overlapping tools that together give a comprehensive picture of super product quality. Understanding both is the starting point for using them effectively. [1][2]The Superannuation Heatmaps (apra.gov.au/superannuation-heatmaps):
- Cover both MySuper products (the default option most employees land in) and Choice investment options (the broader menu including wrap, platform and advised options). [1][4]
- Use a colour scale — green to dark red — to rate each product on three dimensions: investment performance (10-year net returns vs benchmark), fees and costs (vs peers), and sustainability of member outcomes. [1][4]
- Dark red = consistently below benchmark on returns, charging high fees, or failing member outcomes measures. A product can be dark red on one dimension while acceptable on others — check all three. [1][4]
The Product Performance Tool (apra.gov.au/superannuation-product-performance):
- Lets you look up specific products by name and see their 10-year net return, fees, and Your Future Your Super (YFYS) annual performance test status. [2]
- A product that fails the YFYS performance test must notify all members and is closed to new members until it passes. Serial failures can trigger trustee action or product closure. [2][12]
- The tool is updated at least annually — APRA has signalled from 2024 that heatmap and performance test releases will be aligned to give a consistent, combined picture. [12]
Four Ways Underperforming Products Hurt You
1. The compounding cost of a 0.5–1% annual drag is enormous
APRA’s initial heatmap insights paper established a clear correlation between higher fees and lower net returns across the industry. A product that lags the benchmark by just 0.5% per year after fees sounds trivial — until you compound it over a 35-year working life. On a balance that grows to $300,000 by mid-career, a 0.5% annual drag represents roughly $30,000–$50,000 less in retirement savings by age 65. For a 1% drag, the figure can exceed $100,000 on a typical career balance. APRA’s data shows many dark-red products — particularly legacy Choice options and high-fee wraps — sit in exactly this 0.5–1% underperformance band, year after year. The individual cost is enormous; spread across millions of members, it’s why APRA’s first heatmap alone generated $408 million in fee savings in a single year as trustees cut costs to avoid public naming. [9][6][4]2. Choice and platform options are the real danger zone
The Choice heatmap reveals a pattern that is significantly worse than the MySuper picture. Where about 45% of MySuper products delivered below-benchmark returns in APRA’s combined heatmap analysis, about 60% of Choice investment options did so — and more than 25% delivered what APRA classifies as “significantly poor” returns. Choice products also charge considerably higher fees than MySuper products, with no clear benefit in outcomes at the aggregate level. The implication is stark: many people who believe they’re in a premium product — a wrap or platform chosen by an adviser, a “high-growth” option with an active manager — are statistically more likely to be paying more for worse performance than they’d get in a solid low-cost MySuper default. The people most at risk of dark-red products are not disengaged default members. They’re people who were “advised” into a legacy platform product years ago and have never reviewed it. [3][5][17][4]3. Stapling, mergers and inaction keep you stuck
APRA’s heatmap strategy is naming and shaming — not forced switching. The regulator expects trustees to either improve their dark-red products, merge with stronger funds, or close underperforming options. Many underperforming MySuper products have already exited via successor fund transfers, which is why the MySuper sector has consolidated significantly. But Choice and platform options are less frequently forced out, and legacy members in underperforming options can sit there for years unless they actively choose to move. Stapling reforms (where your super follows you between jobs) reinforce this: if your stapled fund has a dark-red default option, you’ll stay there through job changes unless you actively switch. A merger can also move you between funds while keeping you in an underperforming strategy inside the new fund’s option menu. The heatmap tells you where the problem is. Only you can act on it. [10][11][12][4]4. Your rights exist — but only if you use the data
As a super member, you have the legal right to see how your product performs (APRA publishes the data publicly), switch products within your fund at any time, roll over to a different fund without penalty, and complain to AFCA if you believe your trustee has failed to act in your best financial interests. Under SPS 515 (enhanced from 1 July 2025), trustees are now required to use heatmap and performance test data in their strategic planning and attest that their decisions serve members’ best financial interests. That puts more regulatory pressure on trustees to address dark-red products proactively. But APRA is not going to send someone to your door to move your money. The heatmap is a public alarm system. If you never look at it, you’ve effectively accepted whatever outcome your current product delivers — including the worst outcomes in the system. [4][2][18][19]2023–2026 Developments: The Choice Sector Purge and Consolidation
- Heatmap + performance test alignment (from 2024): APRA announced it would align heatmap publications with the YFYS performance test results, using consistent datasets. This means a product that’s dark red on the heatmap and fails the performance test now faces double public exposure — and intense pressure to either improve materially or close. For trustees running products in this position, the combined signal from both tools creates regulatory and reputational urgency. [12]
- APRA’s declared intent — Choice sector “purge”: APRA has explicitly stated that the Choice heatmap is designed to “drive the removal of weaker products, options and funds” from the industry. In a striking data point, APRA noted that some trustees have half or more of their options failing benchmarks. Industry press has described this as a structural purge of underperforming Choice and platform products — not a gradual improvement program. [13]
- Consolidation confirmed by KPMG 2026: Total super assets now exceed $4.5 trillion. The top 24 funds (over $20bn each) hold around 96% of industry assets; nine mega-funds exceed $100bn. Much of this consolidation has been driven by APRA’s heatmap and performance-test pressure forcing weaker and smaller funds to merge with stronger ones. The sector has never been more concentrated. [7][8]
- Monash December 2025 update: Academic research from Monash University confirms that consolidation and APRA pressure have improved average MySuper outcomes across the sector — but a “stubborn tail” of underperforming Choice and platform products persists. The improvement at the average does not mean your specific product has improved. [14]
- SPS 515 from 1 July 2025: APRA’s enhanced strategic planning standard now requires trustee boards to incorporate heatmap and performance test outcomes into their strategic planning and attest that all decisions — including product retention decisions — serve members’ best financial interests. This raises the bar for trustees who want to keep dark-red products in their menu without clear remediation plans. [18][19]
✅ Your Three-Step Action Plan
Action 1: Look your current product up on APRA’s tools today
This takes five minutes and can be worth tens of thousands of dollars. Step one: find your fund and product name on your most recent super statement or member portal — you need the exact product name (e.g. “XYZ Super — Balanced MySuper” or “ABC Wrap — Growth Option”), not just the fund name. Step two: go to APRA’s Superannuation product performance page (apra.gov.au/superannuation-product-performance) and search for your product. Check three things: the 10-year net return vs the benchmark or peer average; the fee level vs peers; and whether the product has failed the YFYS annual performance test in any recent year. Step three: cross-reference with the heatmap (apra.gov.au/superannuation-heatmaps) to see the colour-coded picture on investment returns and fees. Dark red on investment returns or fees — especially combined with a performance test fail — is a serious warning that your product has been consistently underdelivering. Treat it as a smoke alarm, not a curiosity. [1][2][4]Action 2: If your product is in the red zone, compare and move with intent
If your product is dark red or has failed the performance test, the next step is a structured comparison — not an impulsive switch. Use APRA’s product performance data to compare your current product’s 5- and 10-year net returns and fees against: the top-performing options in the same risk category on ATO’s YourSuper comparison tool (for MySuper products); independent comparison sites like Canstar for Choice options; and at least two other funds you might consider switching to. What you’re looking for: a fund with consistently green or light-coloured heatmap results, strong 10-year net returns relative to your risk profile, and fees that are lower or comparable to your current product. Once you’ve identified a better option, check two things before moving: does your current product have any insurance cover that would change on transfer (if so, get the new fund’s insurance terms in writing before switching), and are there any exit fees or restrictions in your current fund’s product disclosure statement? If the numbers favour moving, initiate a rollover. It’s your legal right and it can be done online through most fund portals or through the ATO. [15][2][1]Action 3: Build an annual heatmap check-up into your financial calendar
APRA refreshes the heatmaps and product performance data at least once a year, typically aligning with the YFYS performance test results (usually in the second half of the calendar year). Set a calendar reminder — call it “Annual super heatmap check” — for each December or whenever APRA announces its latest release. Each year, the check takes 10–15 minutes: log into your fund, confirm your product is still in the same name and structure, then look it up on APRA’s tools. Check whether it has stayed green or drifted redder since last year. If it’s still green, great — you’re done until next year. If it’s moved into red, start the comparison process from Action 2. The funds that consistently top APRA’s performance rankings do so because of structural advantages in scale, asset allocation and governance — not luck. The funds that sit persistently in dark red tend to stay there unless the trustee is forced to change. One check per year is usually enough to ensure you’re never stuck for years in one of the products APRA is effectively flagging as retirement-destroying. [16][1][2]❓ Frequently Asked Questions
What is the APRA super heatmap?
A public tool rating every MySuper and Choice product on investment returns (vs benchmark), fees (vs peers) and member outcomes sustainability. Updated annually. Dark red = consistently poor. Available at apra.gov.au/superannuation-heatmaps. [1][4]How do I check if my fund is underperforming?
Find your exact product name on your statement → APRA product performance tool → check 10-year net return, fees vs peers, and performance test status. Cross-reference with the heatmap for colour coding. [2][1]What do I do if my product is red?
Compare fees and 10-year net returns against alternatives (APRA data + YourSuper + Canstar). Check insurance before switching, then initiate a rollover if the numbers favour moving. [15][2][1]Are Choice options worse than MySuper?
On average, yes — 60% of Choice options delivered below-benchmark returns vs 45% of MySuper products; 25% were “significantly poor.” Higher fees, no clear performance benefit. Legacy platform options are particularly risky. [3][5][17]How often are heatmaps updated?
At least annually, aligned with the YFYS performance test results (typically second half of each year). From 2024, APRA aligns both releases for a consistent combined picture. Set an annual calendar reminder. [16][12]⚖️ The Fine Print Verdict
APRA has done the hard part: it has built a public database that names and colour-codes every underperforming super product in the country, updated it every year, and structured the regulatory environment to pressure trustees into improving or closing their worst products. The result — $408 million in fee savings in the heatmap’s first year, 11 underperforming products exiting, consolidation of $4.5 trillion into a smaller number of stronger funds — is a genuine policy achievement. But APRA’s strategy is naming, not forcing. It can shame trustees into action. It cannot make you check the heatmap, compare alternatives, or move your money. If you’re in a dark-red product right now, the data identifying that problem is publicly available and freely accessible. Doing nothing with that information is the equivalent of ignoring a smoke alarm — the alarm is real, the danger is real, and the cost compounds every year you delay. Five minutes on APRA’s website today is one of the most concrete financial actions available to any Australian with a super balance.
👉 Go to apra.gov.au/superannuation-product-performance right now, look up your product, and check whether it’s green or red. If it’s red — start comparing today.
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- APRA, “Superannuation heatmaps,” apra.gov.au/superannuation-heatmaps
- APRA, “Superannuation product performance,” apra.gov.au/superannuation-product-performance
- Money Management, “60% of Choice funds deliver below APRA heatmap benchmark,” moneymanagement.com.au
- APRA, “APRA publishes MySuper heatmap,” apra.gov.au
- Money Management, “Choice funds below benchmark,” moneymanagement.com.au
- i3-invest, “APRA to issue notices over heatmap,” i3-invest.com (December 2020)
- KPMG, “Super Insights 2026,” kpmg.com.au
- KPMG, “Super Insights 2026 full report,” assets.kpmg.com
- Super Review, “APRA publishes MySuper heatmap — insights paper,” superreview.com.au
- APRA, SPG 227 “Successor fund transfers and wind-ups,” apra.gov.au
- ASFA, transfer planning paper, superannuation.asn.au (June 2023)
- Financial News Wire, “APRA to align heatmaps with performance test,” financialnewswire.com.au
- Super Review, “Choice heatmap will purge weaker products — APRA,” superreview.com.au
- Monash University, “Performance of Super Funds in Australia — December 2025 update,” monash.edu
- Canstar, “Australia’s worst performing superannuation funds,” canstar.com.au
- APRA, “Superannuation product performance archive,” apra.gov.au
- Investor Daily, “Choice funds disappoint as APRA reveals inaugural heatmap results,” investordaily.com.au
- Deloitte, “Superannuation transfer planning proposed enhancements,” deloitte.com.au
- QMV Solutions, “Strategic planning and member outcomes — APRA enhancements,” qmvsolutions.com
- Investment Magazine, “APRA names heatmap culprits in industry game changer,” investmentmagazine.com.au (December 2019)
This article is general information only and does not constitute financial advice. Past performance is not a reliable indicator of future performance. Before switching super funds or products, consider your insurance, investment options, fees and personal circumstances. Consult a licensed financial adviser before making changes to your super. Information is current as at June 2026, based on APRA’s official heatmap publications, APRA product performance data and independent research. The Fine Print 🇦🇺 is not affiliated with APRA, any super fund, or any product mentioned in this article.