AUSTRALIANS' super balances are back on the march upwards, but experts say workers are being ripped off in spending around $20 billion last year on fees.
ING research shows the average Australian spent close to $2000 on fees last year, while some older Australians are paying as much as $6000.
But the latest SuperRatings survey for January shows super funds got off to a flying start in 2013, registering their 12th monthly gain in the past 13 months.
The average median growth fund rose 2.6 per cent in January, putting the sector on track for a fourth consecutive positive financial year return.
The sharemarket rally has seen the total gain for the seven months since 1 July 2012 jump to almost 11 per cent.
The data also shows industry super funds have delivered slightly stronger long term returns over 3-10 year periods than most of their retail competitors.
Over the past five-year period industry funds have on average delivered an annual return of 2.8 per cent compared with 2.1 per cent for retail fund, according to ChantWest
But ING Direct's head of superannuation Michael Christofides said workers are often paying far more in fees than they think to both retail and industry funds.
"Too many Australians are getting ripped-off when it comes to fees they're paying for superannuation," he said.
"Consumers have the right to be frustrated at paying such large fees, particularly when the research shows there is no correlation between fees and performance."
The research shows most workers pay on average 1.26 per cent of their annual inflows in fees - but with some personal funds that can run to over 2c in every dollar lodged.
For someone who started work at 20 and retires at 67 years this could run to as much as $174,000 in super fees.
Financial services researcher Canstar warns says the high fees may put a major dent in some people's retirement income goals.
"Small differences in fees can have a large cumulative effect. Don't underestimate the effect fees have on your ultimate balance when looking for a superannuation fund," Canstar research manager Chris Goth said.
This comes as the banking industry joins the chorus of financial institutions calling on the Gillard government not to tinker with the superannuation system in this year's federal budget.
Australian Bankers' Association chief executive Steven Munchenberg says many bank customers are concerned that the government will increase the level of tax on super savings.
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