The Investment and Financial Services Association (IFSA) wants national reforms to boost private pension uptake after its quarterly retirement income stream report found gross sales for retirement funds for the March quarter fell almost 10%.

IFSA CEO Richard Gilbert said although the survey showed a poor result in gross sales, the resilience of the retirement income stream market was illustrated by the fact that funds under management grew by 4.8% over the year, despite most markets around the world declining during this period.

“It is important that we have public policy that encourages retirees to take income streams,” Mr Gilbert said. “More flexible income stream rules have the potential to boost private pension take-up.”

Other key survey findings: total retirement income funds under management increased by 0.7% and March’s yearly total gross sales were up 0.7% on the December 2002 gross sales figures.