National Mutual Retirement Fund — superannuation fund performance
Pensions: all tracked plans · Australian super in numbers · Private market performance · the PE statistics · what plans disclose · where they diverge
National Mutual Retirement Fund reported A$5.7bn of total assets for 148,546 member accounts (average balance A$39k) in APRA's fund-level statistics for the year to 30 June 2025, with a one-year rate of return of 8.2%.
| Total assets | A$5.7bn |
| Member accounts | 148,546 |
| Average member balance | A$39k |
| 1-year rate of return | 8.2% |
| 5-year rate of return (annualised) | 7.2% |
| 10-year rate of return (annualised) | 5.7% |
| Investment options offered | — |
What running the fund costs
For its reporting year ended 30 June 2025, National Mutual Retirement Fund ran on an operating expense ratio of 0.1% — the running cost per dollar of savings (0.5% is 50 cents per A$100 a year). Payments to related parties — companies connected to the fund's own trustee or owner group — came to A$2.1m, equal to roughly 48.4% of its administration bill (a related-party payment is disclosed, not improper — but it is worth knowing who the fund pays).
| Operating expense ratio | 0.1% |
| Investment expense ratio | 0.0% |
| Administration and operating expenses | A$4.2m |
| Marketing spend | A$33k (about A$0 per member account) |
| Executive remuneration (expensed to the fund) | A$79k |
| Director remuneration | A$73k |
| Payments to related parties | A$2.1m |
Does the insurance pay out?
Most super accounts carry insurance, paid from your balance. The admittance rate is the share of finalised claims the insurer accepted in the year to 30 June 2025 — the single best number for "does this cover actually pay".
| Cover type | Claims accepted (1-yr) | Claims paid | Premiums collected | Insurer |
|---|---|---|---|---|
| Life insurance (death cover) | 100.0% | A$29.2m | — | — |
| Total & permanent disability (TPD) | 93.6% | A$26.2m | — | — |
| Income protection | 95.5% | A$5.5m | — | — |
The gender gap in this fund
In National Mutual Retirement Fund, women's average balance was 12.0% higher than men's — from the fund-level member demographics APRA last published for the year to 30 June 2022:
| Average balance — female members | A$31k |
| Average balance — male members | A$28k |
| Member accounts (female / male) | 97,786 / 107,231 |
Compare National Mutual Retirement Fund with similar funds
The funds closest to National Mutual Retirement Fund in size, side by side — each with its own page for the fees, insurance and performance-test detail:
| Fund | Assets | 1-yr return | 10-yr return | Why comparable |
|---|---|---|---|---|
| First Super | A$5.3bn | 8.7% | 7.1% | Similar size |
| Praemium SMA Superannuation Fund | A$5.2bn | 8.7% | 4.5% | Similar size |
| Essential Super | A$6.6bn | 12.1% | 6.5% | Similar size |
| legalsuper | A$7.1bn | 13.1% | 7.2% | Similar size |
| Centric Super Fund | A$4.1bn | 9.1% | — | Similar size |
| Building Unions Superannuation Scheme (Queensland) | A$7.5bn | 10.0% | 6.8% | Similar size |
Questions this page answers
How big is National Mutual Retirement Fund?
National Mutual Retirement Fund held A$5.7bn in total assets for 148,546 member accounts in the APRA fund-level statistics for the year to 30 June 2025.
What return has National Mutual Retirement Fund delivered?
National Mutual Retirement Fund reported a 8.2% one-year rate of return, and 5.7% a year over the past ten years, at whole-of-fund level in the APRA fund-level statistics.
What does National Mutual Retirement Fund charge in fees?
National Mutual Retirement Fund reported an operating expense ratio of 0.1% and an investment expense ratio of 0.0% for its reporting year ended 30 June 2025 — the running cost per dollar of savings (APRA fund-level statistics).
See also: Australian super in numbers — marketing spend, expenses, the gender gap and two decades of consolidation across all APRA-regulated funds · all tracked plans.