I find so many statements often have limited basis and miss the key point. Many people will in fact run out of money despite the fact than some retain 90% of their original balance. In fact many would be better off running out sooner so as to get access to the Age Pension. People create their own safety net via being cautious and will always remain so despite the RIC. Whether you need an new product innovation is highly dubious given annuities have always been around and represent very poor value for most given the payback period. Anything more than an a simply ABP should be justified IMO. The industry in general (including APRA and ASIC) needs to stop trying to justify its own existence as it just continues to show it hasn't much a clue itself.