Serious intellectual firepower is being brought to bear on the problem of Australia's ageing population and how they are going to be able to afford a comfortable retirement.

The CSIRO, an organisation well known for scientific research, has partnered with four universities to begin a $9 million research program into the nation's retirement savings system. Researchers from the CSIRO, Monash and Griffith universities, the University of Western Australia and the University of Warwick in Britain will investigate two broad themes: superannuation and the economy, and Australians over 60.

The Superannuation Research Cluster, as it is known, has already begun work, with the first outcomes expected by the end of this year. It is the first time the CSIRO has been involved in research in superannuation, which, at $1.6 trillion, is worth more than Australia's annual gross domestic product. The giant pool of super savings is having an impact on the economy.

The Cluster brings together researchers with expertise in disciplines including financial mathematics, social science, risk analysis, accounting, economic modelling, finance, health economics and behavioural economics. The research program was drawn together by Monash University's Professor Deborah Ralston, who is also executive director of the Australian Centre for Financial Studies. She says not much research has been done on the retirement phase, with most work concentrated on the accumulation phase.

''We are particularly interested in what I call that transition period from about age 55 to 65 and how you allocate assets over that time,'' Ralston says. ''I think as people go into retirement, they have different needs.''