Russell Investments Master Trust — superannuation fund performance
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Russell Investments Master Trust reported A$12.3bn of total assets for 82,926 member accounts (average balance A$146k) in APRA's fund-level statistics for the year to 30 June 2025, with a one-year rate of return of 10.2%.
| Total assets | A$12.3bn |
| Member accounts | 82,926 |
| Average member balance | A$146k |
| 1-year rate of return | 10.2% |
| 5-year rate of return (annualised) | 8.3% |
| 10-year rate of return (annualised) | 6.4% |
| Investment options offered | — |
What running the fund costs
For its reporting year ended 30 June 2025, Russell Investments Master Trust 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$76.6m, equal to roughly 317.0% 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$24.2m |
| Marketing spend | A$925k (about A$11 per member account) |
| Executive remuneration (expensed to the fund) | A$685k |
| Director remuneration | A$434k |
| Payments to related parties | A$76.6m |
| Payments to industrial bodies | A$39k |
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, 6 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 |
|---|---|---|---|---|
| MySuper - IQ Super, Resource Super & Nationwide | MySuper | Pass | — | 0.2% |
| Choice - IQ Super, Resource Super & Nationwide — RIMT BALANCED GROWTH | Choice | Pass | 6.6% | 0.3% |
| Choice - IQ Super, Resource Super & Nationwide — RIMT HIGH GROWTH | Choice | Pass | 8.4% | 0.3% |
| Choice - IQ Super, Resource Super & Nationwide — RIMT GROWTH | Choice | Pass | 7.4% | 0.3% |
| Choice - IQ Super, Resource Super & Nationwide — RIMT DEFENSIVE | Choice | Pass | 3.9% | 0.3% |
| Choice - IQ Super, Resource Super & Nationwide — RIMT DIVERSIFIED 50 | Choice | Pass | 5.0% | 0.3% |
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$19.9m in premiums and paid out A$22.6m 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) | 100.0% | A$9.1m | A$8.5m | Comminsure, MLC, MetLife, TAL |
| Total & permanent disability (TPD) | 88.4% | A$9.0m | A$6.1m | Comminsure, MLC, MetLife, TAL |
| Income protection | 97.8% | A$4.5m | A$5.3m | Comminsure, MLC, MetLife, TAL |
The gender gap in this fund
In Russell Investments Master Trust, women's average balance was 30.8% 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$98k |
| Average balance — male members | A$142k |
| Member accounts (female / male) | 24,163 / 49,283 |
Compare Russell Investments Master Trust with similar funds
The funds closest to Russell Investments Master Trust 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 |
|---|---|---|---|---|
| Australian Ethical Retail Superannuation Fund | A$9.9bn | 10.7% | 7.2% | Similar size |
| Smart Future Trust | A$9.7bn | 8.8% | 7.2% | Similar size |
| Prime Super | A$8.5bn | 10.4% | 6.6% | Similar size |
| OneSuper | A$7.6bn | 7.6% | 5.5% | Similar size |
| Avanteos Superannuation Trust | A$16.9bn | 9.7% | 5.3% | Similar size |
| ANZ Australian Staff Superannuation Scheme | A$7.5bn | 12.2% | 7.0% | Similar size |
Questions this page answers
How big is Russell Investments Master Trust?
Russell Investments Master Trust held A$12.3bn in total assets for 82,926 member accounts in the APRA fund-level statistics for the year to 30 June 2025.
What return has Russell Investments Master Trust delivered?
Russell Investments Master Trust reported a 10.2% one-year rate of return, and 6.4% a year over the past ten years, at whole-of-fund level in the APRA fund-level statistics.
What does Russell Investments Master Trust charge in fees?
Russell Investments Master Trust 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 Russell Investments Master Trust's products pass the performance test?
6 of Russell Investments Master Trust's products and options were tested against the regulator's annual performance test as at 30 June 2025, and every one passed.
Does Russell Investments Master Trust's insurance pay out?
In its latest reported year Russell Investments Master Trust's default cover collected A$19.9m in premiums and paid A$22.6m 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.