ING and ANZ launch ATM access to pension funds
Taking advantage of the new rules governing superannuation from July 1, ING Australia and ANZ have partnered to provide clients over age 60 with direct access to their pension funds through ANZ branches, Internet banking and automated teller machines.
The industry-first initiative successfully integrates superannuation with banking by offering a cash management account option within a pension product.
The addition of ANZ’s Prime Cash Management Account to the ING OneAnswer pension will enable retirees to hold their retirement savings in a single integrated product while using the linked cash management account to withdraw money for expenses.
To comply with Centrelink requirements, clients and their advisers will allocate a maximum amount of funds that can be accessed annually according to Centrelink entitlements.
Clients will be automatically prevented from withdrawing more than their nominated annual amount.
ANZ group managing director, personal, Brian Hartzer said the new initiative had been developed following extensive research with customers and advisers, which revealed people were generally time-poor and found superannuation complicated.
With this in mind, Hartzer said the option was designed around simplicity and efficiency.
“Customers who are 60 years or more will be able to keep more capital invested in the super environment, while having more convenient access to withdraw their funds,” he said.
“From July 1, customers will be able to access their retirement savings directly, which gives them cash at call in emergencies and helps them to cover unexpected costs.
“As well as providing more convenient banking, it’s really allowing customers to take control of their financial future in a way that suits their lifestyle and investment strategy.”
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
