There is a greater need for funds to offer different pension products, advice strategies, and communication methods if they are to retain members, according to SuperRatings.
The comments come as superannuation membership dived by 1.4 per cent on a "whole of fund basis" mainly due to lost member account transfer to the Australian Taxation Office (ATO) and account merging between funds, SuperRatings data showed.
In contrast, when the data focused on the pension membership category across the sector, it found it grew by 16.8 per cent.
While whole of fund net assets grew by 16 per cent due to solid investment returns over 2013, pension phase funds under management still easily overshadowed this, recording a 26 per cent growth.
"Overall, success in generating pension product growth remains far from uniform," SuperRatings CEO Adam Gee said.
"Those funds with strong member servicing, engagement and advice structures remain best positioned to drive growth relative to peers, many of whom have struggled to refine their strategies."
SuperRatings used a pension utilisation rate to see what portion of each fund's membership base is actually entitled to an account based pension versus those that have actually started a pension product.
It found members over 60 made up just half of FUM for the median retail master trust, while net assets actually in pension products made up just a quarter of total FUM, which is a utilisation rate of 49.6 per cent.
On the other hand members aged over 60 made up just 21.8 per cent of the median not for profit FUM, with net assets in pension products making up just 6.2 per cent of total fund assets.
This is an utilisation rate of just 28.4 per cent.
"Funds that have yet to invest need to consider their membership base and how they are educating their members in relation to retirement solutions in advance of members retiring," Gee said.
"If they do not do this, they risk losing large balances to other funds, despite it not being in the member's best interest in some cases."
