QSuper’s new, industry-first retirement product Lifetime Pension has been recognised with a Chant West Best Fund: Innovation Award.
Each year, Chant West recognises superannuation industry best practice across a range of categories with last night’s prestigious awards announced at a live event in Sydney.
QSuper’s new Lifetime Pension product is designed to help retirees spend their superannuation with confidence that they won’t run out of money later in life. The pioneering product aims to maximise retirees’ cashflow converting their retirement savings into tax-free, fortnightly income, no matter how long they live.
Launched in March this year, the QSuper Lifetime Pension aims to provide a higher amount of income than the minimum drawdown for retirees. QSuper members have already invested more than $20 million of their super in the product.
QSuper’s Chief of Member Experience Jason Murray said the award recognised QSuper’s resilience in an ever-changing environment, and the fund’s ability to innovate with industry leading initiatives to support its members while continuing to deliver strong long-term returns.
“Our members are our purpose. QSuper has been uniquely positioned to adjust quickly to the unfolding needs of our members and customers in the past 12 months,” Mr Murray said.
“We aim to provide our members with more certainty and confidence in retirement. Regardless of the changing world around us, we continue to deliver on our promise to give members a regular income in retirement while we focus on growing their savings.
“We’re enormously proud of the pension products we’ve developed, and the low fees, great value and increased flexibility they provide to our members as they look forward to the future. I thank our members for the trust they place in us to look after them in retirement.”
This award caps off a strong year for QSuper, Australia’s third largest fund, which was also recognised as SuperRatings Fund of the Year and Pension of the Year 2021 and Money Magazine’s Best Value MySuper Product and Best Value Super Fund for Young People 2021.
