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Super funds might need to look at a range of products, including annuities, to successfully demonstrate they are helping members to maximise their retirement income.
Superannuation funds have been in a state of regulatory flux which has prevented them from creating new products like lifetime pensions, according to Peter Rowe, general manager of Optimum Pensions.
Optimum Pensions noted many tools reflected outdated and inappropriate life expectancy statistics. The firm said it had launched its new Lifespan Calculator which was based on the latest Australian Life Tables but also incorporated health data from a large reinsurer of longevity risk. The tool did not show averages but results could be personalised by considering health and lifestyle factors. It also included both spouses in a couple and let each user focus on how confident they wished to be that their retirement planning timeframe could cover both their potential lifespans. Optimum Pensions ...