Our Lifetime Pension isn't an account-based pension but it's designed so you can combine it with one - like our Retirement Income account - to take advantage of the differences between the two product types:
- With an Income account, there's no guarantee that your balance will last your lifetime - it may run out. So our Lifetime Pension provides an income for life.
- An Income account is more flexible - you can choose your investment options, change how much and how often you get payments, and take out money when needed. Your Lifetime Pension is a set-and-forget product that is designed to maximise income, so you can’t change your annually adjusted payments or how they are invested.
- Once you purchase a Lifetime Pension, you can't withdraw that money after the 6-month cooling off period, except for terminal illness or death. So an Income account can be helpful because it allows withdrawals at any time.
- Centrelink's income and assets tests for the Age Pension treat an Income account and a Lifetime Pension differently.
Using our Lifetime Pension together with an account-based pension can give you the best of both worlds - the confidence of an income for life, and the flexibility to withdraw money when you need it.
Learn more about account-based pensions or consider getting financial advice about how our retirement solutions might suit you.