Lifetime Pension:
Information for advisers

There are a few key differences between our Lifetime Pension and a traditional annuity.

1. Lifetime Pension is linked to the market. So it generally gives a higher income compared to an annuity that pays a fixed income for life.
2. It's designed to be a lower-cost product and have higher payments than a traditional annuity. But the rate of income isn't guaranteed, and payments can go up and down each year, depending on how the pool performs. 
3. Lifetime Pension payments will continue for the rest of your client’s life. An annuity typically has payments for the client's anticipated life expectancy, with an added option for payments until death.
4. Your client's money must be within the super system to open a Lifetime Pension. A registered life insurance company can only issue a traditional annuity.

To start a Lifetime Pension, your client must be aged between their 60th and 80th birthdays. The minimum opening balance is $10,000. They also need to meet one of these conditions:

• Aged over 65 years
• Permanently retired
• Ended an employment arrangement after turning 60
• Got an eligible death benefit
• Met another approved condition of release that let them access their super early.

If your client chooses spouse protection, their spouse must also meet one of the conditions above. There's no upper age limit for spouses as we calculate income payments on whoever's the youngest in the couple.

If your client already has a QSuper account, they can open a Lifetime Pension in Member Online. 

If your client doesn't have a QSuper account, they'll need to open a QSuper Accumulation account before applying for a Lifetime Pension.

If your client is the spouse of a QSuper member, they can apply to join QSuper.

Need help? Book an appointment with us today.