RetireAccess Lifetime Pension
Guaranteed income for life
Learn more
Image: Hero image
Retire with confidence knowing your savings are protected
Guaranteed regular income~
Complements your Government Age Pension and other retirement income sources.
Tax-free payments
Monthly tax-free payments for you - and your spouse - for life.*
Protects you from outliving your retirement savings
With the option of a guaranteed death benefit#.
Withdraw option if your circumstances change
Access your money when you need it.^
Protection against market volatility
Keeps your capital safe.**
Flexible payment options
Payments can be indexed to CPI, linked to the RBA cash rate, or linked to a range of market indexes.
~ The benefits provided by RetireAccess Lifetime Pension are supported by a life insurance policy issued to Telstra Super Pty Ltd, the trustee of TelstraSuper (“Trustee”) by Challenger Life Company Limited (ABN 44 072 486 938) (AFSL 234670) (“Challenger”). The Trustee, as issuer of the RetireAccess Lifetime Pension product, does not provide any guarantee in respect of the product. The guarantee is provided by Challenger Life under the life policy issued to the Trustee. The Trustee relies wholly on Challenger Life to pay your pension and will not pay your pension under a RetireAccess Lifetime Pension if Challenger Life is unable to.
* Upon your death, payments can be made to your spouse if you have nominated them as your reversionary life insured.
# If you have a payment option which pays a withdrawal benefit (all options other than the Enhanced Income option), you can withdraw and close your RetireAccess Lifetime Pension during the withdrawal period (this is based on your life expectancy) or, if you die, a death benefit is payable during the withdrawal period and is 100% of the purchase price for half that period.
^ If you need access to your capital investment, you can withdraw and close your RetireAccess Lifetime Pension providing it’s within the withdrawal period (this is based on your life expectancy), and you haven’t chosen the Enhanced Income option.
** Other than the Market-linked option.
How do I get started?
Step 1
Decide if a RetireAccess Lifetime Pension is right for you
Read the PDS and TMD or contact our team of specialists to answer any questions you may have.
Step 2
Get a payment quotation.
Our specialists can give you a payment quotation that sets out more detailed information about your income payment. Call 1300 033 166. All payment quotations are obligation free and valid for 14 calendar days.
Step 3
Return your signed application along with your payment quotation to us.
If your application is successful, we’ll send you a welcome letter and an Account Schedule that sets out the terms and conditions of your RetireAccess Lifetime Pension. You should read these documents carefully and give us a call if you have any questions.
Want to know more or open an account?
Get in touch to speak with our specialist team about RetireAccess Lifetime Pension
Contact us
Image: Hero image
Let’s consider a case study
This is Betty*
She and her partner Bob currently receive $80k in total from their account-based pensions. Their goal is to maintain this income for life.
To do so Betty decides to add a RetireAccess Lifetime Pension into their income mix, nominating Bob as her reversionary beneficiary. By doing so they will now^:
Be eligible for the Government Age Pension
They will be eligible to receive $2,074 each year from the Government Age Pension (meaning they use $2,074 less of their super)
Have a guaranteed, regular income for life
Betty’s lifetime pension provides a guaranteed, tax-free income to complement their partial Government Age Pension and account-based pension. After she dies, the pension will continue for the life of her reversionary.
Be able to access capital
If Betty needs to withdraw the capital investment of her lifetime pension, she can do so within the withdrawal period†. She and Bob also retain access to the funds in their account-based pensions.
Ensure longer lasting account-based pensions
Because Betty and Bob are now receiving a Government Age Pension, they will be drawing less on their super so their account-based pensions will likely last longer (around 1 year).
Have peace of mind in retirement
Betty can relax knowing she and Bob won’t outlive Betty’s lifetime pension and they know exactly what they can spend.
Betty is 67 and has $600,000 in her account-based pension. Bob is also 67 and has $400,000 in his. They also have an additional $50,000 in lifestyle assets and $20,000 in the bank. Betty purchased her RetireAccess Lifetime Pension with $300,000 of her super and invested her remaining super in a Balanced investment option.
Betty can make a withdrawal and close her lifetime pension within the withdrawal period†. The maximum withdrawal amount steadily reduces to nil over the length of her withdrawal period. The withdrawal period is determined by her life expectancy. For a full explanation of the product features, before making a decision, please refer to the RetireAccess Lifetime Pension PDS and TMD.
* Not a real person. This case study is intended to illustrate how the features of the product work only.
^ As at February 2024
† If Betty chose the Enhanced Income option she would forgo the withdrawal period and death benefit.
Explore income layering
See how three sources of income in retirement – a Government Age Pension, an Account-Based Pension and a Lifetime Pension – could work for you.
TRY THE LIFETIME INCOME CALCULATOR
Image: Hero image
Our awards and recognition
TelstraSuper has a proud history of elite performance and achievement stretching over three decades. We’re honoured to have been awarded the following commendations that represent recognition by both independent agencies and industry peers.
VIEW ALL OUR AWARDS-
SuperRatings Pension of the Year 2023
-
Innovation – Superannuation Advice Leader 2024
-
Chant West Pension Fund of the Year 2022 and 2023
-
Chant West Insurance Best Fund 2022
-
ESG Leader Super Fund
This summary of the features of RetireAccess Lifetime Pension contains general advice which has been prepared without taking into account your objectives, financial situation or needs.
Before you act on any general advice, you should consider whether it is appropriate to your individual circumstances. Before making any decision, you should obtain and read the relevant Product Disclosure Statement and Target Market Determination or by calling 1300 033 166. You may wish to consult an adviser before you make any decisions relating to your financial affairs. To speak with an Adviser from TelstraSuper Financial Planning call 1300 033 166.