Lifetime Pension performance

The Lifetime Pension pool's actual investment return might not be the same as our Balanced Risk-Adjusted option. This is because the timing of when people buy a Lifetime Pension and when payments are made from the pool impacts the financial results. So the amount of money invested in the pool when the market moves may impact the full year returns.

Mortality experience affects the Lifetime Pension pool in the following ways:

• The money-back protection benefit (if applicable) is paid from the pool.
• The pool retains the money that was funding Lifetime Pension income payments, creating a financial benefit or credit for the pool.

This benefit supports the Lifetime Pensions pool's ability to pay fortnightly pensions for life for the remaining members, including eligible spouses. We make assumptions about the level of these credits. The net variance to these assumptions, which may be positive or negative, will impact the overall adjustment amount.

These variations apply to the Lifetime Pension pool of money, not to individual members with a Lifetime Pension.