Super funds do a good job helping Australians build a nest egg, investing their money in sophisticated ways in both public and private markets, leading superannuation research firm Chant West says.
But most fail to help members navigate simple questions, like whether they qualify for the aged pension or how much money they can reasonably withdraw annually.
"They're really not doing a very good job at educating people, helping them to think through about 'what could work for me', guiding them into what they could be doing, or providing that advice," Chant West general manager Ian Fryer told AAP.
"They've always thought of themselves as 'we protect your nest egg'.
"But the whole point of a nest egg is that you start to take some out."
A financial advisor could help, but a comprehensive retirement plan might cost $5000, Mr Fryer said.
He called on super funds to provide members with simple, affordable retirement planning, with basic advice provided free via an online tool and members given the chance to speak to an advisor for one-off advice for a few hundred dollars.
Chant West, a superannuation markets research group, was approached by popular retirement author and columnist Bec Wilson about this issue in 2025.
It came up with 18 different criteria to grade super funds on how well they supported members at the point of retirement.
By its benchmark, only six funds did a good job: Australian Retirement Trust, Aware Super, Brighter Super, Hostplus, Telstra Super and UniSuper.
Those are all industry funds, and no retail funds made the grade.
But Mr Fryer credited AMP and MLC for their new products offering market-linked investment streams.
Under these products, retiree accounts are pooled and invested jointly to provide an income stream for life.
Mr Fryer expects more superannuation providers to offer similar products under the encouragement of regulators.
