Aware Super is one of Australia’s largest industry super funds, formed from the merger of First State Super and VicSuper (and later incorporating WA Super). It manages approximately $175 billion on behalf of around 1.1 million members (as at 2024–25). Originally focused on NSW public sector workers and Victorian government employees, Aware Super is now open to all Australians.
Aware Super is consistently rated among Australia’s top-performing funds by APRA data and independent assessors, with a strong track record in its default growth option and a well-regarded retirement income suite.
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Aware Super at a Glance
| Fund type | Industry (not-for-profit) |
| Members | 1.1 million+ |
| Assets under management | ~$175 billion |
| Default option | Growth (lifecycle MySuper) |
| APRA Performance Test | Passed |
| Open to all Australians? | Yes |
| Website | aware.com.au |
Investment Options
Aware Super offers a range of pre-mixed (multi-asset) options plus a sustainable option and a passive investment option. Its MySuper product uses a lifecycle approach, automatically adjusting the asset allocation as members age.
Pre-Mixed Options
| Option | Approx. Growth/Defensive Split | Character |
|---|---|---|
| High Growth | ~95% / 5% | Maximum growth exposure |
| Growth | ~80% / 20% | Default MySuper (lifecycle) |
| Balanced | ~60% / 40% | Medium-high growth |
| Conservative | ~35% / 65% | Lower risk, more defensive |
| Cash | 0% / 100% | Capital preservation |
Lifecycle Default (Growth)
Aware Super’s MySuper lifecycle product starts in the Growth option (80% growth assets) for younger members and gradually de-risks toward a more balanced allocation as members approach retirement age. The de-risking schedule is disclosed in the fund’s PDS.
Sustainable Growth Option
Aware Super’s Sustainable Growth option invests in line with the UN Sustainable Development Goals, excludes companies involved in tobacco, gambling, weapons, coal mining, and some fossil fuel activities, and tilts toward companies with strong ESG (environmental, social, governance) practices. It carries the same approximate fee as the standard Growth option.
Passive Investment Option
Aware Super offers a passive (index) option for lower-fee investing — broadly equivalent in fee to the indexed options at AustralianSuper and Australian Retirement Trust. Total fees approximately 0.28–0.32% on a $50,000 balance.
Fees
Default Growth Option
| Fee Component | Amount |
|---|---|
| Administration fee | ~$1.00/week (~$52/year) + 0.15% of balance |
| Investment fee | ~0.55% |
| Indirect cost ratio | ~0.10% |
| Total (approx., $50k balance) | ~$427/year (~0.85%) |
| Total (approx., $100k balance) | ~$720/year (~0.72%) |
Passive Investment Option
| Fee Component | Amount |
|---|---|
| Administration fee | ~$1.00/week + 0.15% |
| Investment fee | ~0.08% |
| Total (approx., $50k balance) | ~$168/year (~0.34%) |
Fees are indicative — refer to Aware Super’s current PDS for exact figures.
Performance
Growth Option (Default)
Aware Super’s Growth option has delivered consistently strong long-run net returns:
- 10-year net return (Growth): approximately 8.5% p.a. (based on published returns through FY2024–25)
- APRA Performance Test: Passed
- APRA Heatmap: Green rated
The fund’s performance benefits from a high allocation to unlisted infrastructure and direct property — asset classes where Aware Super (with its public sector heritage) has long-established investment relationships.
Past performance is not a reliable indicator of future performance.
Insurance
Aware Super provides automatic group insurance for eligible members:
Death Cover
- Automatic cover for members under 70 (in most cases)
- Default cover amount varies by age — see the Aware Super Insurance Guide
- Members can apply for additional cover (subject to underwriting)
TPD Cover
- Automatic cover with “own occupation” definition available for eligible members — a more favourable definition than “any occupation”
- This is a meaningful advantage over funds that only offer “any occupation” TPD by default
Income Protection
- Automatic cover: up to 85% of income (including super) for up to 2 years
- Waiting period: 30 days (can be extended)
- Can be extended to a benefit period to age 65 upon application
Why Aware Super’s Insurance Stands Out
Aware Super’s default “own occupation” TPD cover is notably more member-favourable than the “any occupation” definition provided by most other funds. Under own-occupation TPD, you can claim if you can no longer perform your specific occupation — not just any job you might be qualified for. This distinction can make a significant difference to whether a claim is payable.
Retirement Products
Aware Super has a well-developed suite of retirement income products, reflecting its heritage of servicing public sector members who often planned decades ahead. Key offerings include:
- Account-based pension — standard drawdown from super savings
- Lifecycle retirement option — automatically adjusts investment allocation during the retirement drawdown phase
- Retirement Hub — digital tools and advice access for members approaching or in retirement
Who Aware Super Suits
Strong fit for:
- Members who want consistently strong long-run performance from a large, well-resourced fund
- Members who want “own occupation” TPD cover as a default (without having to apply for a more favourable definition)
- Members interested in ethical/sustainable investing via the Sustainable Growth option
- Members approaching or in retirement seeking a comprehensive retirement income framework
May not be ideal for:
- Members who want the absolute lowest fees — Hostplus Index Balanced is cheaper than Aware Super’s passive option
- Members who want self-directed investment in ASX shares from within their super (Aware Super does not currently offer a Member Direct facility)
- Members in sectors without legacy ties to Aware Super who want a fund with more employer relationship support
How to Join Aware Super
- Visit aware.com.au and click “Join”
- Complete the online application
- Provide your TFN and identity documents
- Provide your employer with Aware Super’s details for SG contributions
- Roll over existing super via myGov or Aware Super’s online rollover facility
Frequently Asked Questions
Is Aware Super open to everyone or just public sector workers? Aware Super is now open to all Australians regardless of employer or industry. Its public sector heritage means it has deep experience servicing longer-term career employees, but there’s no restriction on who can join.
What is the difference between Aware Super’s Growth and Balanced options? Growth holds approximately 80% growth assets (shares, property, infrastructure) and is the default MySuper option. Balanced holds approximately 60% growth assets and is designed for members who want a slightly more defensive allocation. Both are diversified across Australian and global assets.
Does Aware Super pass the APRA performance test? Yes. Aware Super’s MySuper product has passed the APRA annual performance test. The fund has not received underperformance notifications from APRA.
See also: Super Fund Reviews. For advice tailored to your situation, speak with a licensed financial adviser. You can find one through the ASIC financial advisers register or MoneySmart.