TAPS start to flood market
Three more fund managers, Zurich, Credit Suisse Asset Management (CSAM) and Asgard have rolled out Term Allocated Pension (TAP) products just in time for government legislation allowing the new retirement income streams to hit the market on Monday.
With a minimum investment of $20,000, the Zurich Term Allocated Pension (ZTAP) offers investors the choice of 18 investment options and also contains an investment adjustment feature which automatically changes the way investor’s money is invested as their risk profile changes.
Meanwhile CSAM’s TAP, which will be launched as part of it’s recently introduced Pension MasterWrap, which is being sold at a lower fee option will offer 90 investment options.
The Asgard TAP lets investors choose from 150 investment options across 30 fund managers.
In a similar move to AMP, investors who buy a combination of Asgard products will have their purchases considered as one pension for fee purposes.
“This means that many TAPs through Asgard will be subject to fee discounts,” Sealcorp director of product Dean Thomas says.
TAPs, otherwise known as growth pensions, allow retirees to invest in securities and claim social security at the same time.
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