QSuper’s new, industry-first retirement product Lifetime Pension has received global recognition at the 2021 Pension & Investments’ (P&I) World Pension Summit Innovation Awards.
QSuper was the only Australian superannuation fund selected as a finalist for the prestigious global awards announced last night at a live event in The Hague, Netherlands.
Each year, P&I recognises innovative initiatives and proven solutions in the global pensions and retirement community. Winners are selected for their cutting-edge ideas in plan design, driving engagement and better member outcomes.
The win recognises QSuper’s use of innovation in the Lifetime Pension product design to drive successful outcomes for members.
Launched in March this year, QSuper’s Lifetime Pension product aims to maximise retirees’ cashflow by converting their retirement savings into tax-free, fortnightly income, no matter how long they live.
Many retirees purchasing this product will also be eligible for more Age Pension as it provides an immediate 40% assets test discount.
QSuper members have purchased over $70 million in Lifetime Pensions since the product was launched, with an average purchase price of around $220,000.
QSuper’s acting CEO, Charles Woodhouse said he was enormously proud that the fund’s innovative retirement product had been recognised on the world stage.
“QSuper was the first super fund to meet the challenge set out in the Australian Government’s Retirement Income Review – to develop products that allow retirees to spend their superannuation with confidence they won’t run out of money later in life,” Mr Woodhouse said.
“This global award, along with the Australian accolades we have received for Lifetime Pension, recognises QSuper’s resilience in an ever-changing environment and our ability to innovate with industry-leading initiatives to support our members.
“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 our members a regular retirement income while we focus on growing their savings. “Thank you to P&I for this wonderful recognition, and to our members for the trust they place in us to look after them in retirement.”
Since its launch, QSuper’s Lifetime Pension has won a number of Australian industry awards including the 2021 Chant West Best Fund: Innovation and Super Review’s 2021 Best Pension Product awards.
This is the second time QSuper has been recognised with a P&I Innovation Award. The first was in 2014 for the fund’s MySuper product, QSuper Lifetime.