When it comes to the number of investment options offered by super funds, Australians say ‘less is more', research shows.

More than half the 1,300 respondents in the survey by super fund legalsuper said the fund's menu of 11 investment options was "about right", with another 23 per cent thought 11 options is too much. A tiny two per cent of respondents said they actually wanted more.

The fund said the survey results confirmed its suspicions that less may be more when it comes to the number of investment options offered to members.

"A high number of investment options may result in some members not making a choice because they perceive it as just too difficult to choose an option," said Andrew Proebstl, legalsuper chief executive.

Proebstl said that offering a higher number of options costs super funds more money, invariably putting upward pressure on the fees charged to members.

"In the post-Cooper Review phase, it would appear timely for super funds to determine whether there is potential for cost savings by reducing the number of investment options they offer," he said.

Fiona Reynolds, chief executive of the Australian Institute of Superannuation Trustees (AIST) said that the experience in the not-for-profit sector is that overwhelmingly (in some cases as high as 95 per cent) members will choose the default option offered by their superannuation fund

"Some funds have unviable investment choices that arguably they shouldn't have," said Reynolds, with the net result increased fees for other members.

Andrew Keevers, director of research and product development at the Rainmaker Group, said that in workplace super, not for profit funds now average 8 investment choices and master trusts average 55 investment choices.

For personal super, not for profit funds average 8 choices and master trusts average 91 choices, Keevers said, adding that some funds offer thier members more than 1,000 investment choices.

" Our research shows that the number of investment choices being offered by superannuation products in all segments has been trending upwards," Keevers said.

"It's important to note that the investment choices are not always directly intended for the members, particularly where distribution channels are in place with financial planners." he concluded.