Local Government Super (LGS) today announced that its Account-Based Pension Plan has been awarded a five-star rating from CANSTAR for outstanding value.
This is the highest rating granted by the independent, specialist researcher and the second year that LGS has been awarded the five-star rating for the product since 2013.
LGS Chief Executive Officer, Peter Lambert, said: “We are proud to be recognised as an industry leader which consistently delivers outstanding value to our members.
“Demand for account-based pension products has been growing due to the fact that they can provide a tax-effective income stream, especially in the current low interest rate environment.
“Our aim has always been to provide quality, competitive products and services for our members and the five-star rating is a great vote of confidence in our Account-Based Pension Plan,” said Mr Lambert.
Each year, CANSTAR rates pension products according to its consumer-friendly star ratings methodology, which weighs up the pricing and features of a product to assess its value to consumers. The research takes into account an extensive range of more than 90 features for each product, including investment options, income payment options, the availability of advice and beneficiary options.
LGS’ Account-Based Pension Plan was one of just eight super funds to receive the five-star rating among the 59 providers assessed by CANSTAR and it was particularly recognised in the following areas:
Overall pricing
Range of investment options
Member education (this includes newsletters, seminars, etc. that are accessible to members)
Member benefits
Death benefit/beneficiary options available.
LGS also received a CANSTAR five-star rating for its Accumulation Scheme in 2014 and 2013.
