Introducing the MyNorth Lifetime Super account
One of an award-winning1 suite of three solutions that financial advisers can use to help clients retire comfortably, confident they’ll have a lifetime of retirement income.
A MyNorth Lifetime Super account may provide enhanced tax and Centrelink benefits, and greater opportunities for long-term client engagement with significantly better retirement outcomes2.
Benefits for you
More flexibility to manage your clients' goals in retirement.
Freedom to invest from North’s extensive Pension and Super menu.
Support their ongoing retirement needs.
Benefits for your clients
Make contributions subject to standard caps and accumulate for future retirement income.
Open account at any age up to 64 and 10 months.
Transfer funds to another account with no penalty.
Potential for a discount of at least 40% on the asset test.
Become a MyNorth Lifetime Master
How MyNorth Lifetime Super works
Your clients can open a MyNorth Lifetime Super account at any age up to 64 years and ten months. It’s pretty similar to a standard accumulation account, except it seamlessly converts to paying lifetime income when they retire.
As an Innovative Retirement Income Stream, your clients may receive a social security concession on purchase amounts and then once they retire, a further discount of 40% on the asset test, maximising their Age Pension.
Case study
Tina is 40 years of age and decides to put $100,000 of her superannuation balance into a MyNorth Lifetime Super account.
She does not make any further contributions and receives 6% net earnings each year on her balance.
By the age of 65 her MyNorth Lifetime Super balance has compounded annually by the investment earnings she has made and is worth $429, 187.
At this time, her MyNorth Lifetime Super purchase amount has also compounded annually by the upper deeming rate of 2.25% (regardless of her actual investment returns) and she now has a purchase amount of $174,415.
Once Tina becomes eligible to receive Age Pension at age 67, her purchase amount will be subject to a further 40% discount for the purpose of her Centrelink assets test. As such, only $104,649 (60% of her purchase amount which is also equivalent to 24% of her actual account balance) will be assessable by Centrelink for the calculation of her fortnightly Age Pension.
As such, Tina could be eligible to receive up to an additional $973 in Age Pension each fortnight that she would otherwise not receive had the full value of her MyNorth Lifetime assets been assessable2.
Learn about our other two solutions
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What you need to know
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. Any taxation and Centrelink information is not intended to be personal advice and should not be relied on as such. 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.
You can 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. MyNorth is a trademark registered to NMMT. MyNorth Lifetime is a part of MyNorth Super and Pension and is issued by N. M. Superannuation Proprietary Limited (ABN 31 008 428 322, AFSL 234654 (NM Super) as trustee of the Wealth Personal Superannuation and Pension Fund (the Fund) ABN 92 381 911 598
1 Deferred Lifetime Investment Linked Winner, and Innovation Winner, Plan for Life Excellence Awards, 2022, Chant West's Best Fund: Innovation award Winner, 2023, Pension Fund Design and Reform Award winner at World Pension Summit 2023.
2 Compared to typical account-based pension income rates