“Will my money last as long as I do?” It's a constant concern for clients approaching and in retirement. Now, in an Australian first, we’ve created our Lifetime Pension product to give your clients an income for life.

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.

Age Pension benefits

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

Useful product information

Understand how Lifetime Pension could work for your clients

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How QSuper's Lifetime Pension works

 

Australian-first retirement product

Our 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 our award-winning Retirement Income account1 or your client’s existing 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 Retirement Income account if needed.

Potential retirement bonus

If your client is a QSuper member and uses money from an existing 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

Who is eligible?

To be eligible for a Lifetime Pension, your client must be aged between 60 and 80 years old 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 80 years old.

Which clients would benefit?

The Lifetime Pension is designed to benefit clients who are:

  • Receiving or close to being eligible to receive a partial Age Pension and the Pensioner Concession Card.
  • Looking for longevity protection through an income for life.
  • Considering providing early gifts now, with the confidence they'll still receive tax-free income payments for life.

Further information is available in the case studies in our user guide for Lifetime Pension (pdf).

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. QSuper’s Income account has received Pension Fund awards from Money magazine, SuperRatings, Chant West, and Connexus between 2015 and 2020. Find out more. These awards are solely statements of opinion and do not represent a recommendation to purchase, hold, or sell any securities, or make any other investment decisions. Ratings are subject to change. Ratings, awards, or investment returns are only one factor that you should consider when deciding how to invest your super. Past performance may not be a reliable indicator of future performance.