What Aware Super does

Aware Super is a not-for-profit, profit-for-members Australian superannuation (pension) fund headquartered in Melbourne (with operating presence in Sydney) and formed in 2021 through the merger of First State Super and the superannuation arm of Victorian Teachers Mutual Bank. It is Australia's third-largest pension fund with approximately A$210 billion (~US$140 billion) in funds under management and over 1.1 million members, serving working Australians, retirees, and MySuper default members across healthcare, tertiary education, government, and other default-fund industries, with the TelstraSuper fund consolidated into the group in May 2026.

The product platform comprises a core accumulation account (Future Saver), an automated MySuper Lifecycle investment option that dynamically ages member portfolios from High Growth to Conservative Balanced, retirement-phase accounts (Retirement Income and Retirement Transition), and a full insurance suite (Death Cover, TPD, Income Protection, Basic/Basic Plus/Employer Tailored Basic Cover, IP Express, Life Events Cover), supported by digital tools including Member Online, an award-winning iOS/Android app, My Retirement Planner, and a 45-minute Super Helpful Check-in advice service. Insurance is underwritten by TAL Life Limited, with a separate insurance administration fee flowing back to the fund.

Revenue mechanics are wholly fee-based and deducted from member balances: a A$52/year account-keeping fee plus 0.15% asset-based administration on accumulation accounts (capped at A$62.50/month); a recently cut 0.16% retirement income admin fee (capped at A$1,300/year); a A$1.85/month insurance administration fee; and embedded investment-management and performance fees within unit prices. Distribution is direct-to-consumer (website, mobile, Member Online portal) supplemented by phone member services (1300 650 873), employer default-fund partnerships, and a financial-adviser channel, with marketing spend of A$48.6 million in the prior financial year. As an industry (profit-for-members) fund, all surpluses are returned to members rather than distributed to shareholders.

Name

Aware Super

Legal name

Aware Super Pty Ltd ABN 11 118 202 672, AFSL 293340, the trustee of Aware Super ABN 53 226 460 365

Website

https://aware.com.au

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Aware Super is an Australian profit-for-members superannuation fund managing A$210 billion for 1.1M+ members via accumulation accounts (Future Saver, MySuper Lifecycle), retirement income products, and an insurance suite underwritten by TAL.

Ownership category

akta.pro rank

Product category

Superannuation (Pension Fund Management)

NAICS

Pension Funds (52511)

SIC

Life Insurance (6311), Accident & Health Insurance (6321)

akta.pro primary industry

Pension Master Trusts, Superannuation & Provident Funds (FSAAAGAB)

akta.pro secondary industry

Retirement Plan Participant Advice & Managed Accounts (FSAEABAF)

Keywords

• Superannuation services
• Retirement income accounts
• Pension fund management
• Group insurance cover
• Investment management

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Marketing or Sales, Personnel, Operations, Technology or R&D, Infrastructure

Revenue model

1. Administration Fees: Aware Super charges administration fees deducted directly from member account balances. These include account-keeping fees and asset-based administration fees.
2. Insurance Premiums: Insurance premiums for death, TPD, and income protection cover are deducted from member super balances. Insurance is underwritten by TAL Life Limited.
3. Investment Management Fees: Investment fees and costs are included in the calculation of unit prices for investment options, including base fees and performance fees for investment managers.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

Aware Super is an Australian profit-for-members superannuation fund that provides accumulation accounts (Future Saver with the default MySuper Lifecycle investment option), retirement income accounts, and insurance cover (death, TPD, income protection). It manages over A$210 billion on behalf of more than 1.1 million members, distributing services through a Member Online portal, mobile app, employer default-fund relationships, and financial adviser channels.

Product overview

Aware Super is a profit-for-members Australian superannuation fund offering a unified platform combining superannuation accumulation (Future Saver), retirement income (Retirement Income account), and insurance products (death, TPD, and income protection). The MySuper Lifecycle investment approach automatically adjusts member portfolios from High Growth to Conservative Balanced based on age. Insurance options include Basic Cover, Basic Plus Cover, Employer Tailored Basic Cover, IP Express, and Life Events Cover. Digital tools include My Retirement Planner, insurance calculators, and the Super Helpful Check-in advisory service. The fund also offers Term Allocated Pension accounts and the ability to transfer insurance from other funds.

Differentiator

Problem solved

Functional benefit

Products and services

• Future Saver account Superannuation accumulation account for working members and the default account for new members who do not make an active investment choice, with annual $52 account-keeping fee plus 0.15% asset-based administration fee capped at $62.50 per month.
• MySuper Lifecycle Automated age-based investment approach that transitions member portfolios from High Growth to Balanced to Conservative Balanced as they approach retirement.
• Retirement Income account Account for members aged 65+ to access super savings as regular tax-free income, with flexible payment options and annual administration fee of 0.16% capped at $1,300.
• Retirement Transition account Account for members aged 60-64 who have stopped working, allowing partial drawdown of super as income with a 10% annual balance limit.
• Death Cover (including terminal illness) Life insurance providing a lump sum to beneficiaries on death or to the member on terminal illness diagnosis, with cover up to $5 million for terminal illness.
• Total and Permanent Disablement (TPD) Cover Lump sum payment if a member becomes totally and permanently disabled due to illness or injury and is unlikely to ever work again.
• Income Protection Cover Monthly benefit payments replacing part of pre-disability income when a member cannot work due to illness or injury, with waiting and benefit periods up to age 65.
• Basic Cover Default death and TPD cover on the age-based cover scale, automatically provided to eligible members.
• Basic Plus Cover Enhanced death and TPD cover providing double the Basic Cover amount for eligible members.
• Employer Tailored Basic Cover Automatic insurance cover for eligible Employer Tailored Division members, including death, TPD, and income protection.
• IP Express Streamlined online income protection application process that delivers instant acceptance decisions via Member Online.
• Life Events Cover Option to increase death, TPD, and income protection cover within 90 days of qualifying life events such as marriage, childbirth, or home purchase.
• Insurance Transfer service Service allowing members to transfer existing insurance from another super fund into Aware Super while maintaining current cover levels.
• Super Helpful Check-in Free 45-minute video consultation with super or retirement experts that delivers a personalised action plan for members under 60.

Quantifiable outcome

• Top 5 super return of 9.07% p.a. over 15 years for High Growth option
• +2 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered core and minor.

• SatchcroftcoreStrategic or Co-development Partner · 1 March 2026Aware Super appointed Satchcroft to run its pension's private equity activities as part of its private markets expansion strategy.
• Goodman GroupcoreStrategic or Co-development Partner · 1 September 2025Aware Super and Goodman Group partnered to invest USD 1.3 billion ($2 billion) in a US logistics platform with three properties in Los Angeles totaling 2.775 million square feet on 187 acres. Aware Super holds 49% and Goodman Group holds 51%, targeting industrial properties with value-add redevelopment potential.
• LendleaseminorStrategic or Co-development Partner · 1 May 2025Aware Super partnered with Lendlease on The Habitat Residences, a $316 million mixed-use development in Los Angeles's Culver City submarket with 260 units. Aware Super is the investor and Lendlease is the developer.

Scale indicators7 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• AustralianSuper: Australia's largest superannuation fund and the dominant MySuper default; directly comparable in scale, profit-for-member structure, lifecycle investment options, and employer default mandate dynamics to Aware Super.
• Australian Retirement Trust: Second-largest Australian super fund, formed via the Sunsuper and QSuper merger; competes head-to-head with Aware Super for default employer mandates and offers similar accumulation, retirement, and insurance products.
• Hostplus: Industry super fund serving hospitality, tourism, sport and recreation workers; overlaps with Aware Super on MySuper defaults, lifecycle investment design, and profit-for-member governance.
• Cbus Super: Industry super fund for the building, construction and allied industries; competes directly with Aware Super on MySuper Lifecycle products, member scale, and direct infrastructure investment strategies.
• UniSuper: Profit-for-member super fund primarily for the higher education and research sector; directly comparable on lifecycle defaults, fee structure, and member-service technology investments.
• Rest Super: Industry super fund for retail, fast food and broader workers; overlaps with Aware Super across MySuper accumulation accounts, retirement income accounts, and group insurance offerings.
• Brighter Super: Smaller Queensland-based industry super fund; direct competitor in the employer default market and now a key talent rival after appointing Aware Super's former Deputy CIO as its new CIO.

Broad incumbents

• Colonial First State: Large retail super and investment platform provider owned by Insignia/KKR; competes more in retail/SMSF segments but overlaps with Aware Super on accumulation and retirement income products and is part of Australia's broader super landscape.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/AwareSuper
• LinkedInlinkedin.com/company/awaresuper
• Instagraminstagram.com/awaresuper

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments14 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Aware Super