RetireAccess Lifetime Pension
Guaranteed income for life
Learn more
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An annuity-style product offering you a guaranteed,
tax-free income for life
Why choose RetireAccess Lifetime Pension?
Moving from earning an income to drawing on your retirement savings can be a big adjustment. You might be worried about:
- outliving your retirement savings and becoming completely reliant on the Government Age Pension
- the impact of market conditions on the value of your investments during your retirement
- inflation increasing the cost of living.
For a one-off, lump sum purchase price, a RetireAccess Lifetime Pension can help ease these worries so you can relax and enjoy your retirement.
Benefits and key features
Guaranteed regular income~
Complements your Government Age Pension and other retirement income sources.
Tax-free payments
Monthly tax-free payments for you - and your spouse - for life.*
Protects you from outliving your retirement savings
With the option of a guaranteed death benefit#.
Withdraw option if your circumstances change
Access your money when you need it.^
Protection against market volatility
Keeps your capital safe.
Flexible payment options
Payments can be indexed to CPI, linked to the RBA cash rate, or linked to a range of market indexes.
~ The benefits provided by RetireAccess Lifetime Pension are supported by a life insurance policy issued to Telstra Super Pty Ltd, the trustee of TelstraSuper (“Trustee”) by Challenger Life Company Limited (ABN 44 072 486 938) (AFSL 234670) (“Challenger”). The Trustee, as issuer of the RetireAccess Lifetime Pension product, does not provide any guarantee whatsoever in respect of the product. The guarantee is provided by Challenger Life under the life policy issued to the Trustee. The Trustee relies wholly on Challenger Life to pay your pension and will not pay your pension under a RetireAccess Lifetime Pension if Challenger Life is unable to.
* Upon your death, payments can be made to your spouse if you have nominated them as your reversionary life insured.
# If you have a payment option which pays a withdrawal benefit (all options other than the Enhanced Income option), you can withdraw and close your RetireAccess Lifetime Pension during the withdrawal period (this is based on your life expectancy) or, if you die, a death benefit is payable during the withdrawal period and is 100% of the purchase price for half that period.
^ If you need access to your capital investment, you can withdraw and close your RetireAccess Lifetime Pension providing it’s within the withdrawal period (this is based on your life expectancy), and you haven’t chosen the Enhanced Income option.
Am I eligible?
You need to be aged 60 or over and have unrestricted access to your super.
You also need to have a minimum of $10,000 to apply and have in place a:
- TelstraSuper RetireAccess Retirement income stream with a balance of at least $10,000 (excluding funds invested in the Direct Access option), or
- TelstraSuper Corporate Plus account or TelstraSuper Personal Plus account with a balance of at least $10,000 (excluding funds invested in the Direct Access option), or
- TelstraSuper defined benefit with a balance of at least $10,000 in a Voluntary Accumulation Account (excluding funds invested in the Direct Access option).
You won't be eligible to apply for a RetireAccess Lifetime Pension if you are:
- aged under 60; or
- terminally ill; or
- currently living in a residential aged care facility or have an Aged Care Assessment Team/Service (ACAT/ACAS) approval that specifies you are eligible to move into a facility.
How do I get started?
Step 1
Read the PDS and decide if RetireAccess Lifetime Pension is right for you.
TelstraSuper has a dedicated team of specialists on-hand to speak to you about the RetireAccess Lifetime Pension. They can answer any questions you may have and walk you through the application process, including becoming a TelstraSuper member.
Step 2
Get a payment quotation.
Once you are sure that RetireAccess Lifetime Pension is right for you and meet the eligibility requirements, one of our specialists can give you a payment quotation that sets out more detailed information about your income payment. Call 1300 033 166. All payment quotations are obligation free and valid for 14 calendar days.
Step 3
Return your signed application along with your payment quotation to us.
If your application is successful, we’ll send you a welcome letter and an Account Schedule that sets out the terms and conditions of your RetireAccess Lifetime Pension. You should read these documents carefully and give us a call if you have any questions.
Want to know more or open an account?
Get in touch to speak with our specialist team about RetireAccess Lifetime Pension
Contact us
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Our awards and recognition
TelstraSuper has a proud history of elite performance and achievement stretching over two decades. We’re honoured to have been awarded the following commendations that represent recognition by both independent agencies and industry peers.
VIEW ALL OUR AWARDS-
SuperRatings Pension of the Year 2023
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Highest Super Performer 2023
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Chant West Pension Fund of the Year 2022 and 2023
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Chant West Insurance Best Fund 2022
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ESG Leader Super Fund
This summary of the features of RetireAccess Lifetime Pension contains general advice which has been prepared without taking into account your objectives, financial situation or needs.
Before you act on any general advice which has been set out above, you should consider whether it is right for you and your individual circumstances. Before making any decision about whether to acquire a RetireAccess Lifetime Pension, you should read the TelstraSuper RetireAccess Lifetime Pension PDS.