Kate Farrar

Brighter Super has announced plans to deliver a new lifetime innovative retirement income solution providing income for life which is designed to enable eligible members to begin building future lifetime income benefits while they are still working.

The announcement marks a significant step in Brighter Super’s strategy to improve retirement outcomes. Brighter Super is also the first member-owned fund to announce the development of this style of product, that enables eligible members still in the accumulation phase to begin building future potential Age Pension benefits while still enabling choice as to how their super is invested.

Australia’s superannuation system has been highly successful in helping people accumulate retirement savings, but many Australians remain uncertain about how to convert those savings into a reliable income that lasts throughout retirement.

The new solution is designed to help address this challenge by allowing eligible members to begin building future lifetime income benefits during their working years, with greater income certainty and longevity in their retirement years. Together, these features will help them feel more confident about their financial future in retirement.

By beginning to accrue these benefits during the accumulation phase, members may be able to increase their overall retirement income, potentially improve their Age Pension outcomes depending on their individual circumstances, and gain greater flexibility and choice in how they structure their income in retirement.

Brighter Super’s modelling suggests members could receive additional income of between $70,000 and $95,000 on average over 25 years of retirement^[1].

Brighter Super Chief Executive Officer Kate Farrar said the announcement reflected the fund’s commitment to helping members achieve better retirement outcomes.

“Australians have become very good at building super balances. The next challenge for our industry is helping people turn those balances into an income that provides confidence throughout retirement.”

“Bringing this approach to the member-owned sector is an important step. Rather than waiting until retirement to start thinking about lifetime income, we’re helping members begin preparing and maximising future retirement income outcomes while they’re still working.”

The initiative builds on Brighter Super’s growing retirement offering, which was recently recognised with the Epic Retirement Tick^[2]. The new solution will further strengthen the fund’s support for members as they move from accumulating super to using their super to provide an income in retirement.

Brighter Super will develop the solution in partnership with leading life insurer TAL, who will provide the lifetime income guarantee underpinning the retirement solution.

Jenny Oliver, Chief Executive, Group Life & Retirement at TAL, said the partnership reflected a shared commitment to improving retirement outcomes for Australians.

We’re focused on helping more Australians have a confident retirement. TAL is proud to partner with Brighter Super on this lifetime income solution, because we’re passionate about helping more people plan for retirement and enjoy access to savings that can last for life.”

The solution will be introduced progressively, with the accumulation feature expected to become available to eligible members in the first half of 2027 and the guaranteed lifetime income option in 2028.

Together, the two components are intended to provide members with a connected pathway – from building retirement savings and future income benefits while they work to receiving a guaranteed income for life in retirement. Further details, including eligibility and how the accumulation feature will operate, will be announced as the delivery progresses.

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Notes:
[1] Illustrative modelling supported by WTW at 26 June 2026. Using representative Brighter Super member cohorts aged 24 to 59, with balances of approximately $27,000 to $293,000 and salaries of $72,000 to $117,000. It assumes a 20% lifetime income / 80% account-based pension allocation, an overall 73.5% growth / 26.5% defensive asset mix. Key assumptions include 7.23% p.a. long term return, 2.48% p.a. inflation and 3.68% p.a. wage growth. Modelling is illustrative only and is not financial advice or a guarantee of future outcomes.
[2]The Zenith CW Pty Ltd ABN 20 639 121 403 AFSL 226872/AFS Rep No. 1280401 (Chant West) Epic Retirement Tick issued 2 October 2025 is solely a statement of opinion and not a recommendation in relation to making any investment decisions. The Tick is current for 12 months and subject to change at any time without notice. Ticks from previous years are for historical purposes only. Liability is not accepted, whether direct or indirect, from use of the Tick. Full details on the Tick at www.chantwest.com.au/solutions/epic-retirement-tick/.

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Kate Farrar

Australians are significantly less confident about retirement than they were six months ago, with retiree confidence falling from 60% to 47% and pre-retiree preparedness declining from 38% to 31%, according to 2026 research findings released last week by Brighter Super, Queensland’s third-largest non-government financial institution.

New data from Brighter Super’s 2025–26 State of Retirement report suggests the gains in 2025 may have been influenced by stronger investment markets and easing inflation, rather than sustained improvements in long-term financial preparedness.

The decline in 2026 comes amid ongoing cost-of-living pressures, market volatility and renewed uncertainty about the global economic outlook.

“This report reinforces how quickly sentiment can shift with changing economic conditions, and the need to focus on long-term preparedness rather than short-term confidence,” said Brighter Super CEO Kate Farrar.

“The data suggests many Australians still judge their retirement readiness through the lens of recent market performance rather than long-term financial preparedness,” she said.

The findings are drawn from surveys conducted in 2024, 2025 and 2026 by Investment Trends, an independent research and insights company.

“The data also shows Queensland continues to outperform national averages, while Brighter Super members report stronger outcomes than both state and national benchmarks,” said Investment Trends Head of Research Julian Cappe.

Across all states, retiree confidence and pre-retiree preparedness declined. Despite this, Queensland’s retiree confidence rate of 50% outperformed the national rate of 47%, while pre-retiree preparedness in Queensland was 33% compared with 31% nationally.

“It’s pleasing to see Queensland sitting just ahead of the national results, but there is more work to be done. Our research shows Australians who plan early are nearly twice as likely to enjoy a comfortable retirement,” Ms Farrar said.

The sharp reversal in national sentiment highlights a broader challenge for the superannuation sector: confidence remains highly sensitive to market conditions. Previous Brighter Super research found retirees experiencing financial strain were significantly more likely to fear outliving their retirement savings, highlighting the gap between short-term confidence and long-term financial resilience.

“This reinforces the importance of engaging members earlier in their retirement journey, before uncertainty and market volatility begin to influence decision making,” Ms Farrar said.

At a fund level, Brighter Super outperformed both state and national benchmarks, with member retirement confidence rising to 76% in 2026, up from 50% in 2024, while pre-retiree preparedness remained steady at 38% despite national and state declines.

“This highlights the impact of our sustained investment in accessible guidance and affordable advice. We’re committed to ensuring all members can retire confidently with the help of advice,” she said.

That commitment was recognised when Chant West awarded Brighter Super ‘Best Fund: Advice Services 2026’. The award recognises funds offering a strong range of advice services that are relevant and accessible to members.

Read the report.

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Haley Powell has been appointed Head of Superannuation and Retirement Advice, Craig Godfrey joins as Head of IFA Partnership and Growth, while Brendan Nerdal’s existing role has been expanded to Head of Stakeholder and Corporate Relations.

Brighter Super Chief Member Officer Lisa Kay said the appointments reflect the fund’s focus on scaling its advice offering and enhancing member engagement.

Ms Kay said that as a mid-sized fund, Brighter Super is well positioned to offer a more personal level of connection and service to members.

“After three years of mergers and acquisition, our fund is now well placed to deliver on the promises we made to members and we will be out there with them, understanding their retirement needs and supporting their retirement goals.

“We know our personal connections are what truly drive better retirement outcomes for our members. Through our advice partners and local super specialists, we help ensure members receive guidance that reflects their individual goals and circumstances,” she said.

The appointments come as Brighter Super evolves how it delivers financial advice, making it more accessible, affordable, and easier for members to navigate.

Ms Powell’s team will lead Brighter Super’s advice proposition, expanding access to financial advice through scalable and modular service models.

An experienced financial services leader, Ms Powell’s career spans advice, governance and senior leadership roles. She joins Brighter Super from AIA Financial Wellbeing, where she was Head of Advice Delivery, leading teams of financial advisers.

Mr Godfrey’s team will oversee the fund’s growth strategy and strengthen relationships with Independent Financial Advisers (IFAs).

He joins Brighter Super after a strong career in superannuation and retirement planning, having held senior roles in leading financial services and member-focused organisations including large super funds and boutique advisory firms. He was most recently National Manager SMSF at Findex.

Mr Godfrey will also lead Brighter Super’s team of on-the-ground super specialists who personally met with 30,000 members last year – about 10% of the fund’s membership base – and manage the fund’s relationships with nearly 1600 IFAs.

Mr Nerdal, who has led corporate relations since 2024, will continue to engage with the fund’s largest employers and partners to advocate for members and support the fund’s broader stakeholder strategy.

Brighter Super’s commitment to delivering outstanding advice was recently recognised at the Industry Fund Services (IFS) Advice Excellence Awards, where the fund received four awards, including Financial Advice Team of the Year. Several team members were also acknowledged for achievements across adviser and paraplanner categories.

These awards highlight Brighter Super’s dedication to helping members retire with confidence and delivering exceptional personal service.

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Mr O’Farrell brings two decades of experience as a director and 25 years as a senior superannuation industry executive. He is the Chair of Economic Development Queensland (EDQ) and Clubs Queensland and sits on the Board of the Queensland Rugby League, Stadiums Queensland and the Brisbane Broncos Leagues Club.

As a senior superannuation executive, Mr O’Farrell served as General Manager of Mercy Super and was the Chief Executive and Chief Investment Officer for InTrust Super from 2005 to 2021 and City Super from 2003 to 2005.

Brighter Super Chairman John Smith said he was delighted Mr O’Farrell would be joining the Board as an independent director.

“Brendan brings exceptional experience as both a seasoned director and respected superannuation executive, with a strong track record of guiding organisations to deliver meaningful outcomes for their communities.

“His extensive governance expertise – including leadership roles across Economic Development Queensland, Clubs Queensland and the Queensland Rugby League – will further strengthen our Board’s capability as we continue to grow and deliver long-term value for our members. We look forward to benefiting from Brendan’s deep industry insight and commitment to serving Queenslanders.”

Mr O’Farrell becomes the fourth new member this year of the Brighter Super Board following the appointment of Cameron O’Neil in March, Rebecca Girard in April and Corinne Butler in July.

Capping a year of significant renewal, Ron Dewhurst will become Brighter Super Chairman from 1 December 2025 after the retirement of Mr Smith after 12 years on the Board.

Mr Smith, who was appointed to the LGIAsuper Board in 2013 and became Chair in 2016, oversaw the mergers which created a $36 billion superannuation fund with more than 348,000 members. Brighter Super has since delivered consistent strong performance, cut administration fees and emerged as Queensland’s fourth-largest non-government financial institution*.

Mr Smith also thanked Teresa Dyson who will leave the business on 31 December 2025 after acting as a specialist adviser to the Board from 9 July 2025. Ms Dyson assumed the role after stepping down as a director on 8 July 2025 after a combined eight years of dedicated service to Brighter Super and Energy Super.

Kate Farrar Brighter Super Chief Executive Officer welcomed Mr O’Farrell to the Board, congratulated Mr Dewhurst on his forthcoming appointment as Chairman and thanked Ms Dyson for her contribution to the fund.

Ms Farrar said the Board changes would position Brighter Super to embrace future growth and thanked Mr Smith for his 12 years on the Board and nine years as Chair.

“John will leave a strong legacy of resilience, growth and unwavering focus on helping our members live confidently through every stage of life,’’ Ms Farrar said.

“John’s extraordinary leadership and steady hand have been vital as we navigated the merging of three funds over recent years ultimately growing Brighter Super to become one of Australia’s leading member-owned funds.’’

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^*Based on assets under management of non-government financial institutions in Queensland.

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