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.
The MyNorth Lifetime Super account offers enhanced tax and Centrelink benefits, along with better opportunities for long-term client engagement, leading to improved retirement outcomes2.
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.
Become a MyNorth Lifetime Master
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
MyNorth Deferred Lifetime Income account
Maximise retirement benefits with greater flexibility and control, designed for clients aged between 60 - 89 who meet a condition of release.
Learn moreMyNorth Lifetime Income account
Provide your clients with a higher income for life2, designed for clients between the ages of 60 - 89.
Resources
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Important information
The information on this page has been provided by NMMT Limited ABN 42 058 835 573, AFSL 234653 (NMMT). It contains general advice only, does not take account of your client’s personal objectives, financial situation or needs, and a client should consider whether this information is appropriate for them before making any decisions. It’s important your client consider their circumstances and read the relevant product disclosure statement (PDS), investor directed portfolio guide (IDPS Guide) and target market determination (TMD), available from northonline.com.au or by contacting the North Service Centre on 1800 667 841, before deciding what’s right for them.
MyNorth Investment and North Investment are operated by NMMT. MyNorth Investment Guarantee is issued by National Mutual Funds Management Limited ABN 32 006 787 720, AFSL 234652 (NMFM). MyNorth Super and Pension (including MyNorth Lifetime), MyNorth Super and Pension Guarantee and North Super and Pension are 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. NMMT issues the interests in and is the responsible entity for MyNorth Managed Portfolios. All managed portfolios may not be available across all products on the North platform. All of the products above are referred to collectively as MyNorth Products. The information on this page is provided only for the use of advisers, it is not intended for clients. This page provides a brief overview of some of the benefits of investing in MyNorth Products. The adviser remains responsible for any advice/services they provide to clients including making their own inquiries and ensuring that the advice/services are appropriate and in accordance with all legal requirements.
You can read the Financial Services Guide online for more information, including the fees and benefits that companies related to NMMT, N.M. Superannuation Proprietary Limited ABN 31 008 428 322, AFSL 234654 (N.M. Super) and their representatives may receive in relation to products and services provided.
North and MyNorth are trademarks registered to NMMT.
All information on this website is subject to change without notice.
1 Deferred Lifetime Investment Linked Winner, and Innovation Winner, Plan for Life Excellence Awards, 2022, Pension Fund Design and Reform Award winner at World Pension Summit 2023, Chant West Best Fund: Innovation Winner 2023, Chant West Best Fund: Lifetime Product Winner 2024.
Zenith CW Pty Ltd ABN 20 639 121 403 AFSL 226872/AFS Rep No. 1280401 Chant West Awards issued 22 May 2024 are solely statements of opinion and not a recommendation in relation to making any investment decisions. Awards are current for 12 months and subject to change at any time. Awards for previous years are for historical purposes only. Full details on Chant West Awards at https://www.chantwest.com.au/fund-awards/about-the-awards.
2 Compared to typical account-based pension income rates