Superannuation consultant Heron Partnership (Heron) has announced its 2007 Heron Quality Star Ratings for corporate and retail super funds.

Out of 122 individual products assessed, the firm awarded its top rating of five stars to a total of 25 corporate products and 28 retail products.

Of those corporate funds with over $50 million under management AMP SignatureSuper, Aon MasterTrust, AustralianSuper Corporate, Equipsuper Corporate, ING Corporate Super, MercerSuperTrust, Plum Superannuation Fund, Russell SuperSolution Master Trust and Sunsuper Corporate were all awarded five stars.

Heron Partnership managing director Chris Butler said the increase in product features, improvement in services and the additional costs incurred in promoting funds had resulted in many funds increasing their management and investment costs.

Despite the additional cost pressures, however, Heron declared the Australian Government Employees Superannuation Trust (AGEST) the best value retail fund after fees.

Butler said that choice of fund legislation meant there had been a "dramatic improvement" in the insurance arrangements offered by funds, as well as better provision of additional investment options, more ancillary benefits such as discounted health insurance, and better member communication and education services.

The Top 10 rated corporate products included eight commercial master trusts and two industry funds. The top 10 rated retail funds included four commercial master trusts and six industry funds.

This is the second year Heron has rated super funds after launching the service in June 2006. It rates individual products on five levels, with one star indicating 'unacceptable' and five stars 'outstanding'.