How much money does one need to retire? It’s a burning question on the minds of most people over a certain age. It’s also one that superannuation funds are under increasing pressure to help members answer, as regulators and the government put pressure on them to improve support for customers needing to spend, rather than just increasing, their savings.

But more than 30 years since compulsory super was introduced, new research from Super Consumers Australia (SCA) shows funds are still falling short.