The cost of continuing the government-funded Age Pension in its current form is projected to reduce as a percentage of GDP, from around 2.7% of GDP in 2017 to around 2.5% of GDP in 2038. This reflects recent tightening of means testing, later retirement ages and further growth in superannuation balances, says a research paper from Michael Rice, CEO of Rice Warner, a management consulting and actuarial advice firm.