By Scott Murdoch

(Reuters) -Australia’s financial regulators have warned the country’s A$4.5 trillion ($2.9 trillion) pension industry to speed up preparations for an estimated 2.5 million people due to retire in the next decade.

There is a widening gap in preparedness among the nation’s pension funds, known in Australia as superannuation funds, and some have not developed sufficent retirement products or income strategies, the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) said in a report published on Wednesday.

ASIC had previously warned of an approaching “silver tsunami”, which it says has now arrived.

“There is a consistent wave (of retirees) now – this is here. We’re at the point where soon it’s going to be the se

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