AustralianSuper and TAL link on ‘income for life’ product

Mike Taylor

Managing Editor and Publisher

19 March 2024

Australia’s largest industry fund, AustralianSuper has joined with major insurer TAL to development an ‘income for life’ retirement product.

AustralianSuper announced the move today describing it as an extension of the group insurance relationship between the two companies.

AustralianSuper chief retirement officer, Shawn Blackmore said the fund had identified a cohort of members who might benefit from a lifetime income option supplementing an account-based pension.

“A lifetime income option not only ensures members, and their partners, are able to have an income as

they live, it may also enable a higher Age Pension entitlement through favourable asset and income test treatment,” he said.

“A great feature of our new proposition will be that members only need to invest a proportion of their savings into this option to give them a sense of security about their financial future.”