Australian Prudential Regulation Authority (APRA) has named thirteen superannuation funds that have failed its inaugural performance test since the government’s “Your Future, Your Super” reform came into effect on July 1. The 13 underperforming default Mysuper products, which collectively hold 56 billion in assets for 1.1 million members, include Colonial First State’s retail product Firstchoice fund, Christian Super’s MyEthical option, Commonwealth Bank’s super product for its employees and the industry fund for Victorian independent school employees. The result, released on Aug. 31, has reflected the assessment of 76 Mysuper products based on their annual net return over a seven-year period and fees charged to members. Products that underperform the set benchmark by more than 0.5 percentage points are deemed to have failed the test. APRA’s executive board member Margaret Cole said she was pleased to see that 84 percent of the funds have passed but highlighted the consequences for the underperforming …