Lifetime Income
We have partnered with Lifetime Retirement Income to help our Members maximise their retirement income for life.
Lifetime Income
Turn your retirement savings into a regular income.
Lifetime Retirement Income can help you turn your retirement savings into a tax—paid, fortnightly income designed to last for the rest of your life.
- Lifetime helps you take care of the income part of your financial retirement plan, by turning your retirement savings in to a regular income.
- Lifetime actively manages the key unknowns: your life expectancy and investment returns.
- Lifetime's investment strategy is focused on supporting you to a target age, not on gaining high returns in any one year.
- Lifetime works to preserve your long-term capital to support your ongoing retirement income payments for life.
Why Lifetime Income?
What are the benefits of Lifetime Income?
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A Regular Fortnightly Income
Lifetime pay you an income each fortnight, the same week as NZ Super, so you can continue paying the bills.
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Spend with Confidence
Each year Lifetime calculate an annual income level that means you can confidently draw an income from your retirement savings that is likely to last your lifetime. -
Your money is always yours
You can add to or withdraw your funds at any time. It's your investment and you’re in control at all times. If you pass away, your balance will be paid to your estate. -
Offers Couples Peace of Mind
By investing as a couple it means that when one person passes away, the surviving partner does not need to worry about finance immediately, as their income payments will continue as normal. -
Helps you bridge the income gap
Lifetime gives you a fortnightly income to help you top up your Super and meet your regular expenses. -
It’s tax effective
Your income payments are paid after fees and tax.
How does Lifetime Income work?
Turn your retirement savings into a regular income
Lifetime helps retirees take care of the income part of their retirement plan by providing regular, tax paid, fortnightly payments into their bank account.
Receiving a reliable, tax—paid, retirement income that's managed to last a lifetime should not be difficult or complicated. Lifetime helps by actively managing the key unknowns: your life expectancy and investment returns.
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1. Your income is calculated
They calculate your unique annuity factor (age, gender, tax-rate, savings balance and expected investment returns) and lifestyle choices, to give you a reliable regular, tax-paid, retirement income.
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2. Your savings are invested
Your savings are invested in a Balanced Fund and managed by our experienced investment committee. Your account balance, investment returns and future payment details can be viewed anytime via the secure online portal.
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3. Regular tax-paid income
Your savings balance and investment returns are combined and paid each fortnight or 4-weekly on Super Tuesday, providing you with the confidence to spend your income as you please in retirement.
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4. Annual Review
Lifetime completes an Annual Income Review to check your account balance and life expectancy. The review may result in adjustments to your retirement income to ensure your balance will last your lifetime.
Getting Started with Lifetime Retirement Income Fund
Request an info pack below. Once you download the info pack, the team from Lifetime Retirement Income will contact you and help you with any questions you may have.
Frequently Asked Questions
Below are the FAQs from the Lifetime Retirement Income team to help you better understand how Lifetime Income works.
How does Lifetime Income work?
Lifetime combine investment strategy with longevity management to support an income for life.
To do this we have three things:
- A Fund with an investment strategy designed for people who want to draw a retirement income.
- Income Projector tool that calculates a unique Annuity Factor combined with lifestyle choices to give an income designed to last for life.
- A facility to pay 2-weekly or 4-weekly, the same day as NZ Super.
When calculating your retirement income, we couple your personal Lifestyle choices with your Personal Annuity Factor (your age, gender, PIR and expected returns) to give you a deeply personal income projection.
Then once a year, on your birthday, we actively review your income level to make sure you remain on track to drawdown the best possible level of income that is most likely to last your lifetime.
What is the Annuity Factor?
The Annuity Factor is your unique combination of:
- Age
- Gender
- Investment returns
- Tax rate
- Savings balance
We use the annuity factor to calculate your personal annual income paid fortnightly, after tax and fees. We recalculate the annuity factor every year on your birthday or more frequently if there is a major market event to consider.
Can we invest as a couple?
What makes Lifetime Income right for me?
What happens to my investment if I pass away?
How does Lifetime Income keep my savings secure?
The Fund’s investment objective is to preserve capital to support providing retirement income for life.
Public Trust is the Government-owned organisation who is the supervisor and the custodian of the Lifetime Retirement Income Fund (Fund).
When you invest with Lifetime, your savings are deposited into a Public Trust bank account. Public Trust invests your savings in the assets stated in the Product Disclosure Statement.
Public Trust supervises the administration of your capital at all times. Lifetime can only withdraw capital from your investment account in the event of: making income payments to you, paying the fees and taxes on your investment, or if you instruct Lifetime to withdraw all or part of your investment.
As a fund manager, Lifetime is monitored by the Financial Markets Authority (FMA).
Can I make a partial or full withdrawal?
You can make a partial or full withdrawal at any time.
Lifetime charge no withdrawal penalties and make it a simple and quick process.
Because we know that in retirement unforeseen emergencies happen, whether it be medical, home or car-related and we won’t ask questions; it is your business.
There is no limit on the number of partial withdrawals you can make from the Fund. If you choose to make a partial withdrawal this will trigger an Interim Retirement Income Review.
What Annual fees are charged?
What tax would I pay?
Lifetime pays tax on your behalf at your normal PIR tax rate. This means your Retirement Income is quoted as a net amount and paid to you after tax.
You can work out your personal PIR tax rate here.
Tax is only paid on your investment returns from the Balanced Fund. You do not pay tax on any capital drawdown.
Can I invest now, and draw an income down later?
What is the minimum investment size?
You can invest anywhere from a minimum of $25,000, as an initial investment, and $5,000 as part of ongoing investments to an existing account.
We can accept applications below these amounts at our discretion.
What is the minimum and maximum age I can invest and start to draw an income?
What will my investment returns be?
Why am I being asked to provide proof of identification?
Partnering with Lifetime
Backed by an experienced team
By partnering with Lifetime Retirement Income we are working with a team of industry experts, who can help our Members retire with confidence.
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Ralph Stewart: Managing Director and founder
Ralph Stewart is the former CEO of AXA and ACC. He has forty years of experience in New Zealand’s financial services sector including TOWER and Jardine Fleming. Ralph also sits on the Police Association Board. -
Diana Crossan: Director & chairperson
Diana Crossan is the former Retirement Commissioner of New Zealand where she played a pivotal role in establishing KiwiSaver and launching Sorted.Org. -
Cameron Bagrie: Investment Committee Member
Cameron has been an economist for 20 years and served as Chief Economist at ANZ for 11 years. He has also worked as an economist at the National Bank, Treasury and Statistics New Zealand.
Testimonials
My dealings with everyone in Lifetime has been prompt, professional and understanding for which I am grateful and would not hesitate to recommend Lifetime to anyone who is interested.
Lifetime Retirement Income customer
The customer service at Lifetime is rated (according to me who has spent a career in the service industry) 9 out of 10. Giving a 10 can make folk complacent!
Lifetime Retirement Income customer
I am 64, work in finance and thought I had a fairly good handle on my retirement situation going forward. Dividing my retirement years into stages and investing accordingly hadn’t occurred to me as I am the risk adverse type, I now feel more confident and informed
Lifetime Income Retirement customer
About Lifetime Retirement Income
Founder and Managing Director, Ralph Stewart, began researching retirement income products in 2013, ultimately launching the first retirement income product in 2016, which was the forerunner to their latest retirement income solution.
Lifetime helps you take care of the income portion of your retirement plan by providing regular, tax-paid, fortnightly payments directly into your bank account. Their purpose is to help people enjoy their retirement with the security of an income for life. At Lifetime they have an affinity and passion for developing transparent, low-cost, high-value retirement income solutions that New Zealand retirees can have confidence in.
Lifetime has $1 billion in funds under management and is backed by a trusted Board of industry experts, including Diana Crossan. Diana served as the Retirement Commissioner from 2003 to 2013 and contributed significantly to the development of KiwiSaver in New Zealand.
We may receive a compensation payment from Lifetime Retirement Income when you obtain their products and/or services through your membership of HealthCarePlus. This enables us to provide you with Membership Benefits and the management of the charitable grants.