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Speedy CIPR introduction needed
The Actuaries Institute has urged policymakers to focus on the speedy introduction of a Comprehensive Income Products in Retirement (CIPR) framework to deliver greater income protection and security throughout their retirement.
In a pre-budget submission to the Federal Government, the institute said the Government should quickly establish a CIPR framework and remove any social security means testing and taxation policy settings that constrain CIPR product development and consumer take up.
"The introduction of CIPR-style products should deliver greater income security and protection throughout retirement," the submission said.
The submission also said it agreed with the Australian Prudential Regulation Authority (APRA) that the Government should pursue legacy product rationalisation more vigorously.
"…instilling greater public confidence in the life insurance sector to potentially boost demand for risk products with the consequent effect of reducing social service payments," it said.
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