The Australian superannuation system will not reach maturity until the mid-2030s, when those on the point of retirement will have enjoyed the benefits of compulsory superannuation savings for their full working lives. Until very recently, the focus in superannuation has been on the Accumulation phase, but with the maturing of the system and increased longevity across the population, concerns have shifted more directly to how the superannuation system might better provide for citizens in the post-retirement phase.

This is a particular issue within the primarily ‘defined contribution’ (DC) Australian system. For consumers, the DC system requires a number of decisions at the point of retirement, such as lump sum or income stream options, and in the case of the latter, investment and product choice, and draw down options. It is increasingly acknowledged that most retirees do not have an adequate level of financial literacy, or engagement to make an optimal decision about how to do this (Agnew, Bateman, and Thorp 2012).