Russell Investment Group has partnered with ANZ to introduce a new retirement product to the market.

The new product is described as being an extension of Russell’s Private Active Pension, which was launched last year, and via ANZ will deliver integrated transactional banking facilities.

Commenting on the new product, Russell Super managing director Linda Elkins said the key feature of the product was that it made it easy for people still earning income to transfer assets between the accumulation and pension components with no buy and sell costs on investments, no transaction costs and no time out of the market.

“There is a revolution going on in the Australian retirement landscape where older Australians, unlike prior generations, want to remain very active and engaged after the age of 60 or 65, however many people seriously risk running out of savings if they fail to maximise their superannuation properly,” she said.

Elkins said by combining people’s super and pension, the new product aimed to keep people invested in the most tax-effective super environment for as long as possible.