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How Britannia can revolutionise your retirementIn the last issue of Money Matters we talked about the difference between how much money people need when they retire, and the amount provided by New Zealand Superannuation.
Massey University researchers have labelled it the ‘retirement income gap’ and their research is a timely reminder that most retirees will have to find ways to bridge that gap if they want to maintain their current lifestyle while making their savings last.*
At Britannia we’ve introduced an approach that we believe revolutionises retirement planning in New Zealand. Our new product is based on a proven international concept that we’ve adapted to work for individuals retirement needs, and is a great way for people to address an income gap in their retirement.
It’s our Lifetime Income Fund and it converts UK pensions or other retirement savings into a regular fortnightly or four weekly income. The income amount paid stays the same, regardless of market movements and will last the life of the investor. Anyone who chooses this option can receive their retirement income benefits for as long as they’d like, or they can redeem any remaining balance of their investment at a time which suits.
The savings are insured so that investors receive regular payments for their entire life. In other words, they won’t outlive the savings they worked hard to accumulate. When an investor passes away any remaining balance is paid to their estate. To provide you with greater certainty of how much you’ll have when you wish to start taking your retirement income, there’s also a great feature so that on each anniversary of your membership your future retirement income is protected from market declines whilst gaining from any market upside.
Whether you’re nearing retirement, or you’re already retired and interested in a plan that will provide you with a regular income as well make your savings last, we’d love to talk to you. Give us a call on 0800 500 811 for a no obligation chat or email us at firstname.lastname@example.org.
*New Zealand Retirement Expenditure Guidelines 2016, Massey University.
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