The Mercer CFA Institute Global Pension Index 2022, provides a brief review of the retirement system of a number of countries, including Australia. Two of the recommendations for an improvement in Australia's retirement system are:

Introducing a requirement that part of the retirement benefit be taken as an income stream in most (all) circumstances

Introducing a requirement to show benefit projections on members' annual statements

https://www.mercer.com/our-thinking/global-pension-index.html

Discuss these two proposals in terms of their feasibility of adding value to Australia's retirement income system. As part of your discussion, provide arguments for and against the implementation of each of the two proposals. You should also consider any other proposals that you believe would improve the functioning of Australia's retirement income system in terms of providing retirees with an adequate and sustainable income in retirement.

Your essay should be fully referenced and contain: an Introduction, Body of the essay and a Conclusion.