MyNorth Lifetime products are made to be flexible. You can use them to help your clients achieve better tax effectiveness, access Age Pension and have income certainty in retirement. So what could this flexibility mean for your clients?
The Lifetime Super account operates like a regular super product for your clients in the accumulation phase. It’s a better way to increase your client’s eligibility for the Age Pension in future.
Key benefits
Designed for retirees aged over 60, this drawdown account provides very high default rates of income – about 50% higher than the account-based pension minimum.
Because Allocated Pension minimums do not apply, there’s no minimum drawdown requirement*, the Lifetime Income account can be used in conjunction with an account-based pension to adjust the level of income.
Key benefits
This hybrid solution combines the benefits of both an accumulation solution and a retirement product.
Another benefit is that a portion of your client’s portfolio can be invested tax free** into a high-growth strategy with no requirement to draw an income. This makes the product suitable for accumulating long-term funds that have been set aside for longevity or aged care planning.
Key benefits
* Other drawdown requirements that govern the product are:
1. Default income rates apply each year as per schedule in PDS, which are applied to 1 July account balance and determine the maximum income payable for that financial year.
2. Account balance may increase or decrease with fluctuating investment returns, which will resultedly impact actual income.
3. Members do not need to withdraw maximum income rates, however at the beginning of each financial year income will revert to the maximum applicable rate and will require nomination to lower amounts.
** Only investments are in a tax-free environment, this does not apply to all components of the account.
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The information on this page has been provided by NMMT Limited ABN 42 058 835 573, AFSL 234653 (NMMT) and is general in nature. It’s for professional adviser use only and must not be distributed or made available to retail clients. A person should consider whether this information is appropriate for them before making any decisions. It’s important a person considers their circumstances and reads the relevant product disclosure statement and target market determination, available from northonline.com.au or by contacting the North Service Centre on 1800 667 841, before deciding what’s right for them.
Please read the Financial Services Guide online for more information, including the fees and benefits that companies related to NMMT, N.M. Superannuation Pty Limited ABN 31 008 428 322, AFSL 234654 (N.M. Super) and their representatives may receive in relation to products and services provided. You can also ask us for a hard copy. Past performance is no guarantee of future performance.
MyNorth Lifetime is a part of MyNorth Super and Pension and is issued by NM Super as trustee of the Wealth Personal Superannuation and Pension Fund (the Fund) ABN 92 381 911 598.
Any tax or social security information is not personal advice and should not be relied on as such.
MyNorth is a trademark registered to NMMT.
All information on this website is subject to change without notice.