Super funds have implemented Stronger Super and MySuper reforms either for compliance, or as a chance to innovate, Mercer said.
The firm said around 20 per cent of MySuper default products had lifecycle investing integrated into it.
"We believe there has been a shift in Australians' awareness and acceptance of lifecycle investing and we expect the trend of increasing lifecycle investment options will continue," managing director David Anderson said.
"There are perceived challenges we believe can be overcome and we expect the number and nature of the solutions will evolve over time."
Anderson added the Stronger Super reforms could be seen as an opportunity to innovate or simply "repackage" existing products.
The Centre for International Finance and Regulation (CIFR) and Chant West recently found most industry and public sector funds simply re-branded their current balanced default options as their MySuper offering.
They said most funds did not re-examine or change their offerings, while certain funds in the public sector that manage default money did not obtain a MySuper license.
These funds, which were not Australian Prudential Regulation Authority-regulated, were located in South Australia, Western Australia and Tasmania.
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award.
A research firm has given UniSuper a glowing review, praising its strong leadership and “compact team”, as well as its “creditable governance” structure.
Assistant Treasurer Stephen Jones has defended the government’s plan to modestly cut tax concessions for Australia’s wealthiest superannuation accounts, saying it is a “fairer outcome”.