“As the FSI observes, Australia has a lot of catching up to do when it comes to effectively providing longevity risk protection to super fund members,” said Mr Benari.

By supporting the Treasury’s program to remove the impediments to the introduction of deferred lifetime annuities, Mr Benari said the FSI is recognising they’re the “lowest hanging fruit in the reform tree”.

Mr Benari said Challenger also endorses the FSI’s idea for trustees to pre-select products as a practical remedy to the systemic and acute over-reliance on account-based pensions as a singular retirement solution.

The final report was released on Sunday at Sydney’s Commonwealth Parliamentary Offices, with other key recommendations including bipartisan support for superannuation and a ban on borrowing within super.