Industry Fund AustralianSuper is the most popular fund with Australians who have exercised their right to choose a retirement fund.
A recent survey by technology provider InvestmentLink has shown that in the 18 months since choice-of-fund legislation was passed the most popular destination for members' savings was the bigger, more established brands.
The survey showed that 15.4 per of all Australians that had made a choice about their super fund opted for the $20 billion AustralianSuper.
Retail fund AMP Capital was the second most popular choice for investors, with a 10.4 per cent share, while industry funds HESTA and the Motor Trades Association of Australia were at the bottom of the pile with just under 2 per cent of the share.
"Established retail brands such as AMP, ING, MLC, BT, Colonial First State, AXA and ASGARD, and industry funds including Australian Super, REST, SunSuper, CBUS and Host-Plus, are the most popular funds when Australians make a choice," InvestmentLink chief executive Peter Philip said.
"Australians who choose their superannuation fund are opting for well-known brands over smaller funds and newer entrants such as Virgin, which represents 0.5 per cent of choice."
InvestmentLink surveyed 1.2 million active superannuation accounts and found that almost 7 per cent of members had exercised choice through the SuperChoice electronic clearing service since the 2005 legislation.
Phillip added, however, that a more accurate reflection of the levels of choice was 10 to 15 per cent of the eligible population when small to medium employers were taken into account.
"The industry fund advertising campaign has been highly effective in selling the main industry funds - they have developed an enviable brand profile," he said.
The research also showed one in four employees changing jobs were making a choice not to opt for the employer's default fund. Decisions to go down the Self Managed Super Fund route represented fewer than 5 per cent of all members.
