Australians are paying an average of $2,000 for superannuation fees each year, with older Australians paying as much as $6,000.
To highlight this, ING DIRECT has created a giant human billboard forming the $20 billion total paid in 2012.
ING DIRECT’s head of superannuation Michael Christofides said too many Australians are getting ripped off when it comes to the fees they’re paying for superannuation.
"Whether you're a member of a retail fund or an industry fund, you could well be paying more than you think,” he said.
The research by Rainmaker, commissioned by ING DIRECT, shows by how much fees are reducing retirement incomes.
For example, someone retiring at 67, who commenced work at 20, could pay as much as $174,000 in super fees depending on which fund they are in.
“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,” Mr Christofides said.