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| More annuity products needed | |||
| The Australian marketplace needs more annuity products to help retirees manage investment, longevity and inflation risk, the Money Management website reports citing partner and actuary at PricewaterhouseCoopers, Ms Catherine Nance. Ms Nance, speaking at a session of the recent Self-Managed Super Fund Professionals' Association of Australia conference, said that retirees needed more flexible annuity products if they are to continue working into old age. Most pensions are account-based, in which all the risk reside with pensioners, which makes it very difficult to manage their retirement, she notes. At present, 80% of current retirees are on all or part of a managed pension, with typical retirement savings of A$70,000 (US$63,150), while 20% of males and 10% of females have more than A$100,000 in retirement, she says. |
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| Ins Communications Pte Ltd · 69 Amoy Street, Singapore 069 888 Tel: (65) 6224 5583 · Fax: (65) 6224 1091 http://www.meinsurancereview.com/pages/e-weekly.asp?country=4 Published: 9/11/2010 7:05:59 AM © 2010 All rights reserved |
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