Unlock a lifetime of retirement income

Yes. However, your income is set for the financial year ahead, so it won’t change during the year. Each July, your income is adjusted based on how the Lifetime investment pool performed in the previous financial year relative to a 6% benchmark. Any change applies for the full year ahead.

The Lifetime pool is invested in balanced-style investments designed to deliver long-term income adequacy, not minimising short-term market volatility.
 

Income payments are reviewed once a year, based on full financial year performance against a benchmark (6% return), rather than day-to-day changes.
 

If markets experience a downturn, your next year's income adjustment may go down for that year in line with how the pool performed during that time. If the market recovered during the same period, then your next year’s income may not go down at al as the full financial year performance would be reflected in your income adjustment.
 

It is very unlikely the market performance would mean your income will stop. The market would need to drop 94% for your income to drop to zero. As an example - during GFC the level the market dropped was between 20-30% before recovering.

Lifetime Retirement Income receives concessions under the Government Age Pension means test. Because of this, only part of your Lifetime Retirement Income counts toward Centrelink’s income and assets tests. For some people, this can increase Age Pension eligibility and help boost overall retirement income.
 

Your eligibility will depend on your personal circumstances.

This depends on the options you choose when you start your Lifetime Retirement Income.

• If you chose to have your income continue to your spouse, we'll start paying your spouse. Payments might pause whilst we are processing the death notification, but any missed payments will go to your spouse when it’s been completed.
• If you did not nominate a spouse to continue receiving payments, we will calculate any relevant Death Benefit and pay it as per your instructions.

Conditions and limits apply, and details are set out in the PDS..

Yes, you can change your mind.

If you choose to exit, you can get your money-back. Money-back means the initial invested amount less the sum of all the income payments you have received to date, subject to the legislative maximum and a market adjustment if applicable. This flexibility is different to many traditional lifetime annuity products, which don’t allow changes once started.

While you’re waiting for Government aged care support to begin, the Lifetime Retirement Income can help relieve some stress for you. It provides a 20% increase to your income for two years, giving you extra support to help cover costs during the waiting period. That way, you can focus on getting the care you need, without added financial pressure.