News Hub Retirement

Global recognition for QSuper’s Lifetime Pension

News Superannuation

15 October 2021 5 min read

Our aim to maximise members’ cashflow in retirement has earned our Lifetime Pension product a global award.

World Pension Summit Innovation Awards

Our industry-first retirement product Lifetime Pension received the global recognition at the 2021 Pension & Investments’ (P&I) World Pension Summit Innovation Awards held at The Hague, Netherlands on 14 October 2021.

QSuper was the only Australian superannuation fund selected as a finalist for the prestigious global awards.

Each year, P&I recognises innovative initiatives and proven solutions in the global pensions and retirement community.

Winners are selected for their cutting-edge ideas in plan design, driving engagement and better member outcomes.

The win for QSuper and our members recognises the unique retirement strategy and design of our Lifetime Pension product to drive successful outcomes for members.

Unique retirement strategy

Launched in March 2021, our Lifetime Pension product strategy aims to maximise your cashflow in retirement by converting your retirement savings into a tax-free, fortnightly income stream for life.

Many retirees purchasing this product will also be eligible for more Age Pension as it provides an immediate 40% assets test discount.

QSuper members have purchased more than $70 million in Lifetime Pensions since the product was launched, with an average purchase price of around $220,000.

A win for members

QSuper’s acting CEO, Charles Woodhouse, said the global award was another win for members.

He said it recognised our aim to provide members with more certainty and confidence in retirement.

Regardless of the changing world around us, we continue to deliver on our promise to give our members a regular retirement income while we focus on growing their savings,” Mr Woodhouse said.

He said QSuper was the first super fund to meet the challenge set out in the Australian Government’s Retirement Income Review – to develop products that allow retirees to spend their superannuation with the confidence that they would not run out of money later in life.

This global award, along with Australian accolades we have received for Lifetime Pension, recognises QSuper’s resilience in an ever-changing environment and our ability to innovate with industry-leading initiatives to support our members,” he said.

“Thank you to Pensions and Investments for this wonderful recognition, and to our members for the trust they place in us to look after them in retirement.”

Since its launch, QSuper’s Lifetime Pension has won Australian industry awards including the 2021 Chant West Best Fund: Innovation, and Super Review’s 2021 Best Pension Product awards.