The Lifetime have made some changes to the Lifetime Income Fund.
Higher income rates Guaranteed minimum income payments are now based individual ages, not ages within 5 years bands. Very simply, rates start at 4.50% (after fees and taxes) at age 60 and increase by 0.10% for each additional year eg income starting at age 61 would be 4.60% pa.
Lowered minimum investment size Due to feedback from our recent seminars, we have now lowered the minimum investment size from $100,000 to $25,000.
No early withdrawal fees We have removed this fee all together.
Lower entry age The earliest age at which an income can be taken has been lowered from 65 to 60. The oldest investment age has been increased from 85 to 90.
Joint investments This is where the income guarantee is passed to the surviving partner if one partner passes away. This benefit is very popular and will be updated in a future PDS to cut down on paperwork required.