What's the Lifetime Pension?
We've designed the Lifetime Pension to give you security in retirement. Get a tax-free income for the rest of your life, no matter how long you live.
How it works:
- When you buy a Lifetime Pension, your money goes into a pool of funds with other Lifetime Pensions
- This pool is invested in the Balanced Risk-Adjusted investment option for Income accounts
- Your payments come from this pool
- Everyone's payments are adjusted yearly to reflect the pool's performance, fees, and other factors
- This makes sure the pool can keep paying everyone an income for life.
Learn more
Changes to the Lifetime Pension
Already have a Lifetime Pension?
Your Lifetime Pension payment amount will be adjusted from 1 July 2025. This is to reflect the
performance of the underlying investment of the pool and other factors such as fees and costs, and
mortality experience. You may also get an additional one-off adjustment. Depending on your
individual circumstances, this one-off adjustment will either increase your payments, or they'll
stay the same.
We'll send you a letter with details about any impact to your Lifetime Pension in the
last week of June.
For new Lifetime Pensions
We’ve reviewed our Lifetime Pension product and adjusted the starting payment rates for
members opening a new Lifetime Pension from 1 July 2025.
Payment rates
The table below compares the current starting payment rates and the new starting payment rates from 1 July 2025.
Payment amount at start of Lifetime Pension (per year per $100,000)
|
Single person rate |
Spouse protection option rate |
| 60 |
$6,164 |
$6,485 |
5.2% |
$5,707 |
$6,075 |
6.5% |
| 61 |
$6,259 |
$6,582 |
5.2% |
$5,776 |
$6,151 |
6.5% |
| 62 |
$6,361 |
$6,686 |
5.1% |
$5,850 |
$6,233 |
6.5% |
| 63 |
$6,471 |
$6,797 |
5.0% |
$5,930 |
$6,321 |
6.6% |
| 64 |
$6,589 |
$6,914 |
4.9% |
$6,015 |
$6,416 |
6.7% |
| 65 |
$6,716 |
$7,041 |
4.8% |
$6,107 |
$6,518 |
6.7% |
| 66 |
$6,854 |
$7,176 |
4.7% |
$6,206 |
$6,627 |
6.8% |
| 67 |
$7,003 |
$7,320 |
4.5% |
$6,312 |
$6,745 |
6.9% |
| 68 |
$7,164 |
$7,474 |
4.3% |
$6,427 |
$6,872 |
6.9% |
| 69 |
$7,339 |
$7,640 |
4.1% |
$6,550 |
$7,009 |
7.0% |
| 70 |
$7,529 |
$7,817 |
3.8% |
$6,684 |
$7,156 |
7.1% |
| 71 |
$7,736 |
$8,006 |
3.5% |
$6,830 |
$7,315 |
7.1% |
| 72 |
$7,962 |
$8,211 |
3.1% |
$6,987 |
$7,486 |
7.1% |
| 73 |
$8,208 |
$8,430 |
2.7% |
$7,159 |
$7,673 |
7.2% |
| 74 |
$8,479 |
$8,664 |
2.2% |
$7,346 |
$7,872 |
7.2% |
| 75 |
$8,777 |
$8,917 |
1.6% |
$7,551 |
$8,088 |
7.1% |
| 76 |
$9,107 |
$9,189 |
0.9% |
$7,775 |
$8,323 |
7.1% |
| 77 |
$9,472 |
$9,479 |
0.1% |
$8,021 |
$8,574 |
6.9% |
| 78 |
$9,878 |
$9,793 |
-0.9% |
$8,291 |
$8,846 |
6.7% |
| 79 |
$10,330 |
$10,131 |
-1.9% |
$8,590 |
$9,142 |
6.4% |
| 80 |
$10,834 |
$10,489 |
-3.2% |
$8,920 |
$9,456 |
6.0% |
Even though starting rates for some applicants will be lower, there won't be any reduction for existing pensions.
Updates to money-back protection
One of the benefits of the Lifetime Pension is our money-back protection feature. When you purchase a Lifetime Pension, you're guaranteed to get your purchase price back in fortnightly payments, or what's left goes to your beneficiaries when you pass away.1
Money-back protection was previously offered to members through an insurance policy issued by ART Life Insurance Limited. However, the product has now grown enough that the money-back protection benefit can be funded from the Lifetime Pension pool directly. So from 1 July 2025, the Trustee will cease the existing insurance arrangement with ART Life Insurance Limited.
This saves on insurance costs, without creating unnecessary risk or volatility for you.
What does this mean for me?
There's no change to your money-back protection. We'll continue to offer it to members on the same terms.
Thinking about applying for a Lifetime Pension?
If you want your Lifetime Pension application to be processed in the 2024-25 financial year, you'll need to submit your completed application form and have the funds available in your QSuper Accumulation or Retirement Income account by close of business on Friday 20 June 2025.
Your Lifetime Pension payments will then be based on the current rates and adjusted on 1 July 2025 as described in the PDS. You may also get an additional one-off adjustment. Depending on your individual circumstances, this one-off adjustment will either increase your payments, or they'll stay the same.