The Actuaries Institute yesterday released its retirement incomes white paper, titled "For Richer, For Poorer." The report, prepared by Rice Warner on behalf of the Institute, outlines the financial risks facing future retirees based on their ages and wealth profiles.  It claims to be the first research report in Australia to analyse a cross-section of age, gender, income and marital status inputs to build an intergenerational profile of the superannuation and retirement incomes system.  Key points made in the white paper include: The current "Three Pillars" retirement system of compulsory superannuation and voluntary contributions, supported by the Age Pension, needs to be maintained to ensure socio-economic equity and intergenerational equity. Receiving at least some of the Age Pension remains very important for "median wealth couples" who have been the focus of policy tinkering by successive governments. As this group enters retirement, removing part payments will jeopardise their "comfortable standard of living", and may require them to tap into the equity of their homes. There is a strong reliance on the Age Pension for half of the population. It comprises 93 per cent of retirement income for those in the bottom five per cent income bracket, 73 per cent for the bottom quartile and 44 per cent for "middle Australia". FSI chair David Murray, who launched the report, warned that super tax benefits were "very distorted for lower income Australians".  The paper showed there is a 50-fold difference in wealth between those in the top five per cent income bracket and about to retire and those at the bottom five per cent. This reduces to ten-fold for those who will retire in 30 years' time, confirming the importance of the Superannuation Guarantee in providing an element of social equity.  In a media presentation, the Institute also called for a clear outline of legislative intent, to exercise leadership and therefore to avoid further tinkering with the super system. "The political process is picking off individual items rather than dealing with the system comprehensively," said Rice Warner CEO, Michael Rice. Murray also expressed concern that superannuation had been too politicised in recent years. "We were concerned that distortions in the system politicised it more than is necessary, adding complexity over the years and reducing engagement," he said. "In dealing with super we should not use it as an instrument to deal with other issues." Nevertheless, the report found that: "In the main, the superannuation system is doing what it was designed to do. It is accumulating assets to fund adequate retirement incomes and is reducing dependence on the Age Pension."  An Institute spokesperson also agreed that fees for superannuation funds, which add up to more than A$20 billion - equal to half the annual profits for Australia's banks - should be addressed, although that was outside the scope of this white paper.