TelstraSuper launches Lifetime Pension

TelstraSuper has announced the launch of its new retirement income product which provides guaranteed income for life, with the option of being indexed for inflation or market-linked, the RetireAccess Lifetime Pension.

The new offering, which has been designed in partnership with Challenger, will also offer an option to be blended with a member’s existing account-based pension.

The Lifetime Pension will have built-in protections to ensure that members will retain access to capital over a long period, based on life expectancy and if members would need to withdraw, or they pass away during the withdrawal period, access would be available, the firm said.

According to TelstraSuper chief executive, Chris Davies, the Lifetime Pension has been developed in response to a growing demand for superannuation funds to provide more choice and flexibility for retirees.

He said that this the fund expected the new product to prove particularly popular with retirees who also qualified for the Age Pension and currently constitute a large portion of the fund’s members.