AustralianSuper engages TAL to create income for life retirement option

AustralianSuper has engaged Australian life insurer, TAL, to create an ‘income-for-life’ retirement option. The engagement extends a longstanding partnership between TAL and AustralianSuper, protecting members during their working lives, to now supporting members’ financial choices in retirement.

AustralianSuper’s Chief Retirement Officer, Shawn Blackmore, said the new option would be tailored for the fund’s membership and designed to provide them with the confidence to spend the savings they had worked so hard to accumulate.

“This is a major step forward for AustralianSuper and one that will go a long way in helping members to have the confidence to plan for and enjoy their retirement,’ Blackmore said.

Speaking of the agreement, TAL Chief Executive Group Life & Retirement Jenny Oliver said : ‘We have a long history of protecting AustralianSuper members during their working years, and now we are delighted to have the opportunity to deliver a whole-of-life solution and provide protection to these members in their retirement, so they can enjoy these years with confidence and dignity.’

The new income for life option is expected to be available in early 2025.

Super funds up for fourth month in February

Super funds were up for the fourth consecutive month in February, with the median growth fund (61 to 80% in growth assets) delivering 1.9% over the month.

The return over those past four months is 9%, lifting the return over the first eight months of the 23/24 financial year to 6.7%.

Chant West Senior Investment Research Manager, Mano Mohankumar, says that the strong February result was powered by international share markets, fuelled in large part by healthy corporate earnings results.

Virtual Workshop: Identifying and supporting First Nations consumers experiencing financial abuse 

ASIC is running a free industry workshop on Thursday 14 March about identifying and supporting First Nations consumers who are experiencing financial abuse.

Date: Thursday 14 March 2024 

Time: 1:30 PM – 4:00 PM (AEDT) 

Topic: Identifying and supporting First Nations consumers experiencing financial abuse 

Attendees: Representatives from the financial services sector including the credit, banking, general insurance, life insurance and superannuation industries 

Format: Virtual workshop 

Click here for more information: ASIC | Financial Services Industry Engagement