The nation’s largest super fund AustralianSuper has partnered with life insurer TAL to develop a new ‘income for life’ retirement option.
TAL currently provides life insurance to around 1.4 million AustralianSuper members.
It came after AustralianSuper’s retirement income strategy identified a cohort of members who may benefit from a lifetime income option supplementing an account-based pension and age pension.
The ‘income for life’ option is expected to be available in early 2025.