This research investigates the relationship between MySuper asset allocations, investment fees and member outcomes. It concludes that the majority of funds use a fixed asset allocation that does not vary by age. Lifecycle options (i.e. investment options which do vary by age) are typically used by retail funds, rather than by not-for-profit funds. Where they are used by not-for-profit funds, de-risking (more conservative investments) usually starts at older ages than in retail funds. Building more conservative investment portfolios at earlier ages will see a reduction in member retirement outcomes.