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

DWP publishes state pension age communications action plan

DWP publishes state pension age communications action plan

Government confirms plan to develop strategy with ‘timely’ and ‘modern’ communications

Martin Richmond
clock 25 June 2026 • 4 min read
Ros Altmann: A pensions manifesto for the new prime minister

Ros Altmann: A pensions manifesto for the new prime minister

Ros Altmann says pension funds could be a 'silver bullet' to revive UK growth

Baroness Ros Altmann
clock 25 June 2026 • 6 min read
Scottish Widows launches pension tracing tool

Scottish Widows launches pension tracing tool

Some 3.3 million pension pots are 'lost' in the UK

Holly Roach
clock 24 June 2026 • 1 min read