With a lifetime pension, there’s no need to worry about who your super will go to when you die.
If you have a defined benefit lifetime pension, you receive a fortnightly income for the rest of your life, indexed for inflation (with CPI) twice yearly. After your death, your spouse (if you have one and provided they qualify) will generally continue to receive two-thirds of this regular payment. A spouse is your partner who you live with, whether you’re legally married or not.
You don’t need to set up a beneficiary for a lifetime pension. Pension payments will stop and your lifetime pension account will be closed once you and your spouse have both passed away. Depending on how long you and your spouse live for, the total amount of payments you receive may be more or less than the lump sum you used to purchase the pension.
We’re here to help
The rules surrounding Lifetime Pensions can be confusing, so if you’d like to have a chat with us call us on 1300 300 820 Monday to Friday 8:30am to 5pm.
