ING launches first pension guaranteed product
ING Australia is set to launch Australia’s first pension guaranteed retirement income product, MoneyForLife Funds, according to newspaper reports today.
The fund will have an investment style and offer a guarantee on income during an economic downturn and in cases where a retiree outlives their savings.
Meanwhile, unlike traditional annuity products, a retiree is able to withdraw their savings at any time, the report said.
The MoneyForLife Funds offer conservative, moderate and balanced risk options, while its income guarantee is supported by an ING Life insurance policy, the report stated.
The product is aimed at retirees aged between 55 and 70 and already in a conventional superannuation product, and will be available from October 26.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
