Background: Superannuation in Australia is big business, with around $4.3 trillion in assets as of June last year and still growing. Within the super system, AustralianSuper is the largest super fund in the country and the 17th largest pension fund globally. It now manages the retirement savings of more than 3.5 million members.

What happened: Now, AustralianSuper has reported net outflows of more than $250 million over the past 12 months. While small relative to its roughly $400 billion in assets under management, it's the first time the fund has recorded negative net flows.

What else: This highlights how super member behaviour is shifting across the sector. With switching becoming easier and performance more visible, even the largest funds are no longer immune to members voting with their feet.

What's the key learning?

💡While traditionally, super funds have been extremely sticky, the loyalty of big super is being tested. Long-term dominance no longer guarantees member loyalty, as more Australians actively review and change their super arrangements.

💡An Investment Trends report shows 7% of members switched super funds in the past year, with another 5% considering a move - so clearly members are less willing to stay put.

💡And AustralianSuper is feeling the pain. Their investment returns ranked 33rdout of nearly 40 funds in the last financial year. Throw on top of that public criticism from ASIC over fee overcharging and delayed payouts, plus a major cyberattack. With far less friction to switch, Australians are increasingly willing to move when a fund drops the ball, and even a giant like AustralianSuper is starting to feel the pinch.