We know the importance of making your super last through retirement. That’s why we created a new retirement product called Lifetime Pension to give you an income for the rest of your life.
Why choose QSuper's Lifetime Pension
Retire with certainty and confidence
Income for life
Receive an income for the rest of your life, and the life of your spouse (if you've chosen the spouse protection option), no matter how long you live.
Spouse protection
You can choose to have payments continue to be paid to your spouse after you pass away, giving you the security of knowing they'll be financially supported in your absence.
Money-back protection
The Lifetime Pension is designed so that you receive your purchase price back in fortnightly payments, or the remainder goes to your beneficiaries once you pass away.1
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Calculators
Use our calculators to get a comprehensive view of your retirement income, including the Age Pension.
QSuper Lifetime Pension Income Estimator
Compare the income you could receive in your first year with a QSuper Lifetime Pension using different purchase amounts.
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Retirement Calculator
Explore how a combination of different products may work for you over the course of your retirement.
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How our Lifetime Pension works
Here's what to expect when you choose QSuper's Lifetime Pension.
Purchase your Lifetime Pension
When you buy a Lifetime Pension, your requested purchase amount is transferred from your other QSuper super accounts, combined with the money of other Lifetime Pension members, and invested by QSuper.
Receive a potential retirement bonus
You may receive a bonus when you use money from a QSuper Accumulation account or Transition to Retirement (TTR) Income account to purchase a Lifetime Pension (if eligible).
Enjoy regular, tax-free payments
Tax-free payments will be made to your bank account each fortnight for the rest of your life.
Payments are designed to increase
Your payment amount will be adjusted each year on 1 July, to reflect the performance of the underlying investment of the pool and other factors such as fees and mortality experience. This means that while payments are expected to increase over time, they may go up or down.
Take advantage of Age Pension benefits
Not all of your money in a Lifetime Pension will be counted towards the government's income and assets tests. This means you could receive higher Age Pension payments than you may otherwise have qualified for.
Time to decide if it suits you
You have a cooling-off period of 6 months from when your QSuper Lifetime Pension starts to decide if it's right for you. After this time, the Lifetime Pension will be a permanent purchase.
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Lifetime Pension payment rates
How much you can get paid
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How much you will be paid depends on:
- Your purchase price
- Whether you have the single or the spouse protection option
- Your exact age in days when your Lifetime Pension starts (or if you have the spouse protection option, the age of the younger person)
- When your Lifetime Pension starts during the financial year.
This table shows the annual payment amounts per $100,000 at the start of a Lifetime Pension, until the annual adjustment on 1 July 2021. Your first-year payment amount will be a pro-rata amount according to when you purchased the product.
If you choose to have payments continue to be paid to your spouse when you pass away, the spouse protection rate will apply, based on the age of the younger person. You can't switch between the single and spouse protection rate once your Lifetime Pension has started. The amount you receive after the first year is subject to the annual adjustment based on the pool's financial results. Download the PDS for more information.
Payment amount at start of Lifetime Pension per year per $100,000
Lifetime Pension + Retirement Income account
How QSuper's retirement solutions work together
QSuper's Lifetime Pension and Retirement Income account are designed to be used together for a complete retirement income solution.
Your retirement is unique to you – so you can decide how much of your super you'd like to allocate to each product.2
Build your own solution
Whether you want the flexibility of being able to withdraw extra money at any time from a Retirement Income account, or the peace of mind of receiving an income for life from a Lifetime Pension, you can tailor a retirement income solution to meet your individual needs.
Fund your retirement
In retirement, you may choose to use a combination of income from a Lifetime Pension and
the Age Pension to pay for things like food, clothing, and electricity bills, while using income from a
Retirement Income account to pay for the extra things like holidays, meals out, and entertainment.
Guidance and support
We’re committed to helping you make informed decisions about your future. As a QSuper member, you have access to
exclusive member seminars and
personal advice.