Australia consults on introduction of compulsory annuitisation

Jonathan Stapleton
clock

Australia is considering whether to force people to convert all or part of their pension benefits into retirement products to help manage longevity.

The interim findings of a government commissioned investigation into Australia's financial system led by former Commonwealth Bank of Australia chief executive David Murray - found the retirement phase of Australia's superannuation system is ‘underdeveloped' and ‘does not meet the risk management needs of many retirees'. The timing of this report comes as the UK government is looking to introduce a wide range of freedoms at retirement - and moving to the same sort of lump-sum system that Australia is now considering abandoning. The inquiry committee is now consulting on a range of opti...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Young disabled people face £245,000 pension gap

Young disabled people face £245,000 pension gap

PensionBee research finds

Sophia Panayi
clock 27 May 2026 • 4 min read
Pension transfer times hit 10-day mark in early 2026

Pension transfer times hit 10-day mark in early 2026

First time since September 2024

Sophia Panayi
clock 26 May 2026 • 1 min read
MoneyHelper pension dashboard expected to launch in 2027/28

MoneyHelper pension dashboard expected to launch in 2027/28

Maps CEO says ‘significant’ progress has been made since schemes began connecting to ecosystem

Martin Richmond
clock 21 May 2026 • 2 min read