Australia consults on introduction of compulsory annuitisation

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...