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Advice sought on retirement incomes

AAP logoAAP 11/11/2016 Paul Osborne, AAP Senior Political Writer

Retirees will soon get a better idea where the federal government is heading on how new income products will be treated under the age pension means test.

Financial Services Minister Kelly O'Dwyer says a discussion paper on comprehensive income products for retirement (CIPRs) will be released before the end of the year.

Ms O'Dwyer told the Association of Superannuation Funds Australia conference on the Gold Coast on Friday it was important retirees could choose from a range of retirement income products.

"We want to give Australians more choice when it comes to managing their retirement income over their longer and healthier lifetimes," she said.

"CIPRs will not only help individuals, they will also improve the efficiency of the retirement income system."

The minister also questioned why some superannuation funds were locking young people into insurance premiums, which were eating away at their savings.

"Trustees have an obligation to balance the offering of insurance inside superannuation with the potential erosion of member balances," she said.

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