The annual adjustment
Your Lifetime Pension payments will change each year on 1 July based on the annual adjustment, which takes into account investment performance and other factors explained on this page.
Results
The annual adjustment (net pool financial result) will be based on the investment performance, the number of members remaining in the product, and whether this number is higher or lower than our estimate (mortality experience). Other factors include timing of purchases and payments, all fees and costs, and allowing for a 5% benchmark.
| Adjustment |
2020-21 |
| (a) Investment adjustment |
7.93% |
| (b) Mortality adjustment |
-0.40% |
| Net pool financial result (a + b) |
7.53% |
Effect on fortnightly payments
The Lifetime Pension is designed to increase payments over time; however, the nature of annual adjustments mean that your payments may go up or down.
The annual pension adjustment will be pro-rated if your Lifetime Pension started during the financial year. When your annual statement is released, it will show the adjustment that applies to your payments.
For more information, please see the product disclosure statement (pdf).
Your first full year of payments
When you purchased your Lifetime Pension, you didn’t receive a payment in the first fortnight because of the 14-day cooling-off period. So while each of the following fortnightly payments in your first financial year were slightly higher, your next financial year of payments will be slightly lower, as they're paid over more fortnights.
For more information, please see our Lifetime Pension factsheet (pdf).
Find out more about our Lifetime Pension
Performance is just one thing to consider when choosing a retirement product - so find out more about how our Lifetime Pension works.