The following investment option(s) offered by Smartsave failed the Australian Prudential Regulation Authority’s (APRA) 2023 annual performance test for the first time:

• High Growth Option*

Further information can be found on the APRA website – www.apra.gov.au/annual-superannuation-performance-test

About APRA’s annual performance test

From 1 July 2023, certain diversified investment options are subject to APRA’s annual performance test.  The test measures the performance of these investment options against an objective, consistently applied benchmark determined by APRA.  It compares the investment option’s earnings, less costs, with those of a similar investment option over the same period.   It does not consider your personal situation, fees, or tax.

The test is intended to hold trustees accountable and protect members for underperformance through greater transparency.  Where an investment option fails the performance test in two consecutive years, the trustee will be prohibited from accepting new members into that option.

Members invested in these options will be notified with further information.

*This option transferred from Smartsave to the Superhero Super sub-fund following the internal transfer at 1/12/2023. Under Superhero Super this option will have new administration fees applied.