Financial services providers ING Australia and Australia and New Zealand Bank have launched an industry first pensions account, the super pension with an integrated cash management account, which enables customers over the age of 60 to obtain direct access to their pension funds through ANZ branches, internet banking and ATMs.
After the new super rules come into effect on July 1, 2007, ING’s OneAnswer pension product will offer the ANZ prime cash management account as an investment option providing a competitive return and convenient access to funds. This allows retirees to maintain all of their retirement savings in a single integrated product while using the linked cash management account to pay significant expenses and cash reserves for emergencies.
Customers who are 60 years or more will be able to keep more capital invested in the super environment while having more convenient access to withdraw their funds directly via ATMs, EFTPOS, ANZ phone and internet banking, or over the counter at any ANZ branch, ANZ Group managing director, personal, Brian Hartzer said.
From July 1, 2007 customers will be able to access their retirement savings directly, which gives them cash at call in emergencies and helps them to cover unexpected costs. As well as providing more convenient banking, it’s really allowing customers to take control of their financial future in way that suits their lifestyle and investment strategy.
The new OneAnswer pension product provides more than 70 investment options from ING and other leading fund managers across all major asset classes. It offers customers greater flexibility to shift their funds between all the investment options.