The Actuaries Institute jointly released a report on longevity risk, together with the American Academy of Actuaries, and the Institute and Faculty of Actuaries in the UK.
The paper The Challenge of Longevity Risk: Making Retirement Income Last a Lifetime supports innovation by product providers amid a flexible regulatory framework while noting that changes to the retirement income system cannot be undertaken without consideration also of pension costs, aged care costs and all sources of potential funding, including housing wealth.
This paper is the first cooperative venture of this type between professional actuarial associations in Australia, UK and USA. It demonstrates that the Institute is at the forefront of public policy groups which consistently provide detailed and incisive assessments of longevity risk and its implications for Australia’s retirement income system.