Australian retirees could be left more than $200,000 in the lurch because of their underperforming superannuation funds, a new report has found.

The analysis by Super Consumers Australia found retirees have access to far fewer protections in the superannuation system than their younger counterparts.

It also found that almost a third of retirement products (29 per cent) are significant underperformers, producing "much lower returns than their peers".

And that is hitting older Australians hard in their hip pocket.

"A retiree starting with $250,000 in super in the worst performing options could earn approximately $57,000 to $205,000 less in investment returns across a typical retirement," the report states.

It added that most retirees who are invested in the underperforming fund

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