Fund managers launch wave of TAPs
By Liam Egan
Three further investment groups have announced details of their new Term Allocated Pension (TAP) products in the lead-up to next month’s launch date of the amended retirement incomes regime.
ING, Mariner Financial and Macquarie have followed AMP’s unveiling of its TAP earlier this month, to become the first wave of managers to launch such products ahead of the September 20 commencement date.
The TAPS, also known as growth pensions, allow retirees to invest their superannuation savings in growth products without jeopardising their eligibility for social security retirement benefits.
Macquarie has launched two products, the Macquarie SuperOptions Term Allocated Pension and the Macquarie Term Allocated Pension Manager.
According to Macquarie adviser technical services head David Shirlow, the two products provide a flexible product option for retirees wanting a complying income stream.
Meanwhile, ING launched its OneAnswer TAP on Monday with the aim of allowing investors to access the higher pension reasonable benefit limit — $1,238,400 for 2004-05 — of all accessible superannuation benefits received in the form of a complying pension.
OneAnswer TAP, which also offers investors a 50 per cent assets test exemption, places no restrictions on investment choices.
The investment range includes 11 multi-manager options from ING’s OptiMix range, 23 ING options and 22 external options.
Elsewhere, Mariner also announced last week it will release the details of its capital protected TAP product on September 15, which will be launched together with a broader range of term allocated pensions.
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