Stop tinkering with super, say actuaries

As federal Treasurer Joe Hockey floats the idea of younger Australians being able to tap into their superannuation accounts for a deposit on a home, actuaries believe enough is enough.

They reckon governments must stop tinkering with super, arguing the system might already be failing to provide an inadequate income for many retirees.

The Actuaries Institute backs a pre-selected, comprehensive income product for superannuants on reaching retirement.

Its own research shows that while the super system is maturing, it will not deliver more than a moderate standard of living for many retirees, especially given longer life expectancy.

"There is a financial risk for many Australians that they will live longer than their life expectancy and exhaust their assets," institute president Estelle Pearson says.