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
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