#1 fund for weathering market ups and downs3
SuperRatings' Pension of the Year three years in a row4
An industry-first product to help your clients retire with confidence
“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.
Income for the rest of your client's life and their spouse's life (if eligible), not just for their life expectancy.
Payments can continue to be paid to your client's spouse after they pass away.
Designed to ensure your client gets at least their purchase price back in income payments or a death benefit.
Clients may receive a discount of up to 60% on the Centrelink income and assets tests.
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.
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.
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.
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.
There is a 6-month cooling-off period, after which the purchase is permanent.
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:
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.
The Lifetime Pension is designed to benefit clients who are:
Further information is available in the case studies in our user guide for Lifetime Pension (pdf).
Attend a webinar, created exclusively for financial advisers.
Dive into the full details of our Lifetime Pension product, so you can advise your client with confidence about their retirement options.