The Australian retirement income system is based around compulsory superannuation, voluntary savings, the aged pension, and home ownership. Superannuation was first offered in 1857, voluntary savings has been around forever, and the aged pension dates to 1908. By the early 1990s, 65% of those of pensionable age draw an aged pension and 70% of households owned their own home. At the time, superannuation was provided largely through defined benefit plans although there were the beginnings of a trend towards converting these to...