"There is also no standardised methodologies for calculating performance inputs," she said.

The data is not accurate, credible, coherent or capable of being easily interpreted, given the substantive lack of comparability and transparency, the AIST submission states.

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Without this key information, other regulatory requirements, such as the member outcomes test, cannot be implemented meaningfully.

AIST urged APRA to bring members’ best interests into the equation for reporting standards.

It said the regulator had made many comments about the need to improve the accessibility, consistency and reliability of the information reported by funds but there continued to be conflicting reporting on investment costs, with some funds not reporting all costs embedded in investment returns.

"There have been significant regulatory carve outs from the disclosure and reporting framework over the years, which means many people in poorly performing super funds have been kept in the dark," Ms Scheerlinck said.

We should expect nothing less from the mandatory retirement savings system

"Regulators are not tasked with gauging fair value to members," she said.

"By contrast, those in high-performing MySuper funds have data provided to them, to help them easily compare their fund with other MySuper funds."

The submission called on APRA to introduce a comprehensive data reporting framework taking into account three performance drivers: comparable fees and costs, an assessment of the impact of risk on performance and calculation of performance.

"AIST has long called for product dashboards to be mandatory for all funds – we should expect nothing less from the mandatory retirement savings system," Ms Scheerlinck said.

A Productivity Commission report last month warned Australians’ retirement savings were being whittled away by a combined $3.8 billion a year by “structural flaws” in the super system.

It estimated that if the problems plaguing the industry were fixed, a worker who is 55 today could gain an extra $79,000 by retirement and a worker starting in a new job today would, on retiring in 2064, be better off to the tune of $533,000.