Christine Cupitt

Last week marked an important step in expanding access to retirement solutions for Australians, with the Australian Prudential Regulation Authority’s (APRA) decision to consult publicly on capital settings for annuity products.

The Council of Australian Life Insurers (CALI) says there are currently around five million people who are in, or preparing for, retirement. As Australians live longer the demand for reliable retirement income solutions is growing. Despite their significant benefits, the uptake of these products is low.

“With Australians living longer, they are spending more time in retirement and need access to stable and secure solutions to help them manage their finances over their whole life. Australia’s life insurers stand ready to help,” said Christine Cupitt, CALI CEO.

“No one wants to worry about outliving their savings. We want people to have a lot more choice and control over how they manage their finances once they stop working.”

CALI looks forward to continued discussions with APRA and active participation in the public consultation.

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