When it comes to your superannuation, bigger isn’t always better. In this episode of the Wealthlab Podcast, released on 29 May 2025, hosts Scott Jackson CFP® and Phil Sproule tackle one of Australia’s most debated financial topics: Industry Super vs Retail Super Funds. They demystify how different types of funds work, highlight recent reforms and help listeners decide whether their super is truly aligned with their goals.
Episode Overview
Scott and Phil begin by tracing the origins of industry super funds, explaining their union roots and how they were designed to serve workers in specific sectors. They examine the legacy fee structures that still persist today and question whether members are always getting the best deal. The conversation then turns to the rise of mega funds and the myth that “profits to members” automatically means better performance.
The hosts discuss how APRA’s 2021 performance test shook up the super sector, publicly naming underperforming funds and forcing boards to justify their results. This reform has accelerated mergers between funds and spurred more Australians to review where their retirement savings are invested.
Scott and Phil also compare the flexibility, transparency and fee structures of retail funds versus industry funds. They explain why one size doesn’t fit all and why factors such as investment choice, insurance options and member services can be more important than the size of the fund itself. For listeners with Hostplus, AustralianSuper, REST, Aware Super or ART, they outline key questions to ask and when it might be time to switch.
Pull Quotes
“We trace the origins of industry super funds, their union roots and the legacy structures that shaped today’s super landscape.”
“APRA’s performance test reshaped the industry by publicly naming underperforming funds – suddenly size wasn’t a shield anymore.”
“Flexibility, transparency and fees matter more than whether your fund is industry or retail.”
“The real question isn’t bigger or smaller; it’s whether your super is aligned with your life goals.”
Why It Matters
Choosing the right super fund in your 40s can add hundreds of thousands of dollars to your retirement savings. While industry funds have delivered strong returns for many Australians, retail funds often offer greater investment choice and reporting. This episode encourages you to look beyond marketing slogans and consider what you value most: lower fees, broader investment menus or personalised advice.
If you’re unsure how your current fund stacks up, listen to the full episode and take notes. Scott and Phil provide practical tips on reviewing performance tables, understanding the impact of insurance premiums and aligning your super strategy with your broader financial plan.
Further Resources
- Superannuation strategies for 40‑somethings in Melbourne – an in‑depth article covering contributions, consolidation and investment choices.
- Our superannuation service – learn how Wealthlab can help you optimise your super.
- Retirement planning – design a retirement that matches your lifestyle.
Listen Now
Ready to dive deeper? Listen to the full episode on YouTube or find it on your favourite podcast platform. And if you’d like personalised advice on your super fund options, book a free consultation.