In an Australian first, we’ve created our Lifetime Pension product to give your clients an income for life. This ground-breaking product won both Chant West's1 and Pensions & Investments'2 Innovation Awards for 2021, for helping your clients feel more confident about enjoying retirement.

Key product features

Income for life

Income for the rest of your client's life and their spouse's life (if eligible), not just for their life expectancy.

Spouse protection (reversionary beneficiary)

Payments can continue to be paid to your client's spouse after they pass away.

Money-back protection

Designed to ensure your client gets at least their purchase price back in income payments or a death benefit.3

Age Pension benefits

Clients may receive a discount of up to 60% on the Centrelink income and assets tests.

Useful product information

Calculators

Understand how Lifetime Pension could work for your clients

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How our Lifetime Pension works

 

Australian-first retirement product

Our award-winning Lifetime Pension is designed to provide your clients with the potential for higher incomes and greater certainty that this part of their income won't run out. It is a longevity product that works by combining your client’s purchase amount with the money of other Lifetime Pension members into a pool of funds. This product is not an annuity - it is a new product category enabled by legislation changes in 2017.

Tax-free payments for a lifetime

Clients receive tax-free, fortnightly payments, which continue even after their initial purchase price has been exhausted. This could potentially provide your clients with a higher income throughout retirement than an annuity or the minimum drawdown rates from an account-based pension.

Part of a complete retirement income solution

Our Lifetime Pension has been designed to work in tandem with your client's account-based pension, to potentially provide a complete retirement income solution. This will mean that your clients have the peace of mind that their income won't run out, and they'll still have the flexibility of being able make withdrawals from their account-based pension if needed.

Potential retirement bonus

If your client uses money from a QSuper Accumulation account or Transition to Retirement Income account to buy a Lifetime Pension, they may be eligible for an exclusive, uncapped retirement bonus.

Cooling-off period

There is a 6-month cooling-off period, after which the purchase is permanent.

Couple

Which clients would benefit?

The Lifetime Pension is designed to benefit a range of clients with characteristics such as the below. For more examples, see the case studies in our user guide for Lifetime Pension (pdf).

Part pension

Receiving or close to being eligible to receive a partial Age Pension and the Pensioner Concession Card.

Long-lived

Looking for longevity protection through an income for life.

Giving

Considering providing early gifts now, with the confidence they'll still receive tax-free income payments for life.

Who is eligible?

To be eligible for a Lifetime Pension, your client must be aged between 60 and up to turning 80 and meet one of the following conditions:

  • Permanently retired
  • Finished working on or after age 60
  • Met another condition of release previously approved by QSuper
  • Eligible to receive a superannuation death benefit.

The minimum opening balance is $10,000.

To be eligible for spouse protection, both your client and their spouse must be aged between 60 and up to turning 80.

 

Already a QSuper member

QSuper members can either apply in Member Online, or complete and submit the application form in the back of the PDS. Or if your client wants to open a Lifetime Pension as an eligible recipient of a super death benefit, use the paper application form.

Not yet a QSuper member

Non-members will need to open a QSuper Accumulation account first before applying for a Lifetime Pension.

Step 1: Open an Accumulation account using the form in the back of the PDS (pdf). Or if your client is the spouse of a QSuper member, they can open an account online.

Step 2: Open your Lifetime Pension using the Open a Retirement Income Account and/or Lifetime Pension form in the back of the PDS (pdf). Or if your client is the spouse of a QSuper member, they can start their Lifetime Pension online.


For more information

Product information

Adviser seminars and webinars

Attend a webinar, created exclusively for financial advisers.

Dedicated support for advisers

If you have any questions about this product or your client's QSuper account, please view frequently asked questions about Lifetime Pension, or call us on 1300 360 750 and select option 3 for advisers.

Read the PDS

Dive into the full details of our Lifetime Pension product, so you can advise your client with confidence about their retirement options.

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1. © Zenith CW Pty Ltd ABN 20 639 121 403 (Chant West), Authorised Representative of Zenith Investment Partners Pty Ltd ABN 27 103 132 672, AFSL 226872 under AFS Representative Number 1280401, 2021. The Chant West ratings logo is a trademark of Chant West Pty Limited and used under licence. It is only current at the date awarded by Chant West. The rating and associated material is only intended for use by Australian residents within the jurisdiction of Australia and is not permitted to be considered or used by a party outside of Australia. Chant West does not issue, sell, guarantee, or underwrite this product. For further information about the methodology used by Chant West, see chantwest.com.au. Chant West has given and has not withdrawn its written consent to the inclusion on this website of the references to Chant West and the inclusion of the ratings logo or rating in the form and context in which they are included. Past performance is not a reliable indicator of future performance. Awards and ratings are only one factor when deciding how to invest your super. This award was received before QSuper became part of Australian Retirement Trust on 28 February 2022. The QSuper products that received these awards have kept the same key features post-merger.

2. Winner, 2021 Pension & Investments’ (P&I) Innovation Award, World Pension Summit held at The Hague, Netherlands on 14 October 2021. Past performance is not a reliable indicator of future performance. Awards and ratings are only one factor when deciding how to invest your super. For more information, visit P&I. This award was received before QSuper became part of Australian Retirement Trust on 28 February 2022. The QSuper products that received these awards have kept the same key features post-merger.

3. Money-back protection may be subject to legislative maximums and adjustments for negative returns. Further details are available in the QSuper Product Disclosure Statement for Income Account and Lifetime Pension (pdf).