Industry fund colossus offers pension product
Australia’s largest superannuation fund AustralianSuper has announced that it will be introducing its own account-based pension from the beginning of next year.
The move, announced by AustralianSuper chief executive Ian Silk, will represent an in-house offering capable of providing a seamless transition from superannuation to pension for existing members.
He said the new product would be public offer with anyone eligible for an account-based pension able to apply.
“With over 160,000 members currently eligible to take out a pension, we are anticipating a strong uptake,” Silk said.
Among the features being promised within the new account-based pension are online account access, a transition to retirement option, flexible payment options and a dedicated customer service option.
AustralianSuper is the product of the merger of two of Australia’s largest industry superannuation funds last year.
AUTHOR
Mike Taylor
Recommended for you
BT is to launch a new low-cost “Focus” investment menu for its Panorama platform this October, in partnership with Vanguard, seeking to compete with industry superannuation funds.
Net gains of financial advisers have already doubled since the start of FY25, according to this week’s Padua Wealth Data, with momentum gathering pace far faster than the previous financial year.
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
WT Financial’s managing director, Keith Cullen, believes the firm’s Hubco model with Merchant Wealth Partners will be a “repeatable growth model” for the business as it scales its adviser numbers.
