ING Australia is set to launch Australia’s first pension guaranteed retirement income product, MoneyForLife Funds, according to newspaper reports today.
The fund will have an investment style and offer a guarantee on income during an economic downturn and in cases where a retiree outlives their savings.
Meanwhile, unlike traditional annuity products, a retiree is able to withdraw their savings at any time, the report said.
The MoneyForLife Funds offer conservative, moderate and balanced risk options, while its income guarantee is supported by an ING Life insurance policy, the report stated.
The product is aimed at retirees aged between 55 and 70 and already in a conventional superannuation product, and will be available from October 26.
