Retirement Portfolio Service — superannuation fund performance
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Retirement Portfolio Service reported A$39.9bn of total assets for 451,156 member accounts (average balance A$87k) in APRA's fund-level statistics for the year to 30 June 2025, with a one-year rate of return of 10.5%.
| Total assets | A$39.9bn |
| Member accounts | 451,156 |
| Average member balance | A$87k |
| 1-year rate of return | 10.5% |
| 5-year rate of return (annualised) | 7.7% |
| 10-year rate of return (annualised) | 5.6% |
| Investment options offered | — |
What running the fund costs
For its reporting year ended 30 June 2025, Retirement Portfolio Service ran on an operating expense ratio of 0.2% — 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$260.8m, equal to roughly 305.7% of its administration bill (a related-party payment is disclosed, not improper — but it is worth knowing who the fund pays).
| Operating expense ratio | 0.2% |
| Investment expense ratio | 0.5% |
| Administration and operating expenses | A$85.3m |
| Marketing spend | A$8.4m (about A$19 per member account) |
| Executive remuneration (expensed to the fund) | A$1.1m |
| Director remuneration | A$393k |
| Payments to related parties | A$260.8m |
The annual performance test
Every year the regulator tests most super products against a benchmark portfolio — fail twice and the product must close to new members. As at 30 June 2025, 35 of this fund's products and options were tested, and every one of them passed:
| Product / option | Type | Test result | 10-yr return | Admin fee |
|---|---|---|---|---|
| ANZ Smart Choice Super - My Super | MySuper | Pass | — | 0.3% |
| ANZ Smart Choice Super - Investment Choice Employer — Multiseries 70 | Choice | Pass* | — | 0.3% |
| OneAnswer Frontier Personal Super — OnePath Growth Index | Choice | Pass | 6.9% | 0.0% |
| OneAnswer Frontier Personal Super — OnePath Balanced Index | Choice | Pass | 5.3% | 0.0% |
| OneAnswer Frontier Personal Super — Multiseries 70 | Choice | Pass* | — | 0.0% |
| OneAnswer Frontier Personal Super — Multiseries 90 | Choice | Pass* | — | 0.0% |
| OneAnswer Frontier Personal Super — OnePath High Growth Index | Choice | Pass | 8.4% | 0.0% |
| ANZ Smart Choice Super - Investment Choice Employer — Multiseries 90 | Choice | Pass* | — | 0.3% |
| ANZ Smart Choice Super - My Super - QBE SUPER PLAN | MySuper | Pass | — | 0.3% |
| ANZ Smart Choice Super - Investment Choice Employer — Multiseries 50 | Choice | Pass* | — | 0.3% |
| ANZ Smart Choice Super - Investment Choice Employer — Multiseries 30 | Choice | Pass* | — | 0.3% |
| OneAnswer Frontier Personal Super — Multiseries 50 | Choice | Pass* | — | 0.0% |
Showing 12 of 35 tested products/options for this fund (largest first).
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". Over the year it collected A$92.4m in premiums and paid out A$271.8m in claims (claims paid in a year often relate to earlier years' cover, so this is a cash-flow picture, not a loss ratio).
| Cover type | Claims accepted (1-yr) | Claims paid | Premiums collected | Insurer |
|---|---|---|---|---|
| Life insurance (death cover) | 96.3% | A$116.8m | A$39.3m | MetLife, Metlife, OnePath Life Limited, TAL |
| Total & permanent disability (TPD) | 82.2% | A$126.4m | A$42.3m | MetLife, Metlife, OnePath Life Limited, TAL |
| Income protection | 92.7% | A$28.6m | A$10.9m | Metlife, OnePath Life Limited, TAL |
The gender gap in this fund
In Retirement Portfolio Service, women's average balance was 18.8% lower than men's — from the fund-level member demographics APRA last published for the year to 30 June 2022:
| Average balance — female members | A$41k |
| Average balance — male members | A$51k |
| Member accounts (female / male) | 305,054 / 414,270 |
Compare Retirement Portfolio Service with similar funds
The funds closest to Retirement Portfolio Service 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 |
|---|---|---|---|---|
| equipsuper | A$38.2bn | 10.2% | 6.5% | Similar size |
| Netwealth Superannuation Master Fund | A$38.0bn | 9.0% | 4.8% | Similar size |
| Brighter Super Fund | A$36.8bn | 10.3% | 6.6% | Similar size |
| Local Authorities Superannuation Fund | A$31.0bn | 7.0% | 6.8% | Similar size |
| HUB24 Super Fund | A$48.9bn | 9.1% | 4.3% | Similar size |
| Macquarie Superannuation Plan | A$49.0bn | 9.7% | 5.3% | Similar size |
Questions this page answers
How big is Retirement Portfolio Service?
Retirement Portfolio Service held A$39.9bn in total assets for 451,156 member accounts in the APRA fund-level statistics for the year to 30 June 2025.
What return has Retirement Portfolio Service delivered?
Retirement Portfolio Service reported a 10.5% one-year rate of return, and 5.6% a year over the past ten years, at whole-of-fund level in the APRA fund-level statistics.
What does Retirement Portfolio Service charge in fees?
Retirement Portfolio Service reported an operating expense ratio of 0.2% and an investment expense ratio of 0.5% for its reporting year ended 30 June 2025 — the running cost per dollar of savings (APRA fund-level statistics).
Did Retirement Portfolio Service's products pass the performance test?
35 of Retirement Portfolio Service's products and options were tested against the regulator's annual performance test as at 30 June 2025, and every one passed.
Does Retirement Portfolio Service's insurance pay out?
In its latest reported year Retirement Portfolio Service's default cover collected A$92.4m in premiums and paid A$271.8m in claims, per the 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.