The professional body representing actuaries is urging the government's inquiry into the financial system to recommend ways to make retirement income streams work better.
The Actuaries Institute says the current choices for retirees of lump sums, account-based pensions or annuities are not necessarily appropriate given the rapidly ageing population.
The Institute is also worried about the lack of regulatory oversight of reverse mortgages where retirees are able to access the equity in the family home.
Second round submissions to the Financial System Inquiry led by former Future Fund boss David Murray close later today.
Read the FSI's terms of reference which were announced in December last year.