| Q: |
Hello Jen. Can you tell us about the new Retire Easy Pension product? |
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Jen:
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Certainly. We created Retire Easy Pension to offer our members an easy and convenient way to manage a Pension account. It gives pre-selected investment and payment options for a Pension account.
Retire Easy Pension has been designed to balance your needs for a regular income in the short term with savings growth over the medium to long term.
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| Q: |
How does it work? |
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Jen:
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Retire Easy Pension operates on two fronts.
Firstly, your regular income is paid monthly, automatically set to meet the government’s minimum pension payment requirements.
While this is happening, your money is automatically put into an investment strategy that can keep it growing. Your money is divided into three buckets, each with its own investment option and risk-return levels, according to when it is needed – now, soon, and later.
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| Q: |
How is Retire Easy Pension making retirement easier for members? |
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Jen:
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Many of our members will appreciate the ease, convenience and simplicity of Retire Easy Pension. For example:
- The ease of account setup – all you need to do is tick a box on a form (more on that below).
- Pre-selected investment and payment options that simplify decision-making.
- The three bucket investment strategy for its clarity and balance.
- Automatic rebalancing of investments each year.
- Flexibility to switch approach as needs change.
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| Q: |
How can someone start using Retire Easy Pension |
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Jen:
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It’s quick and easy to get started and is open to both new and existing pension members.
For anyone who doesn’t currently have a Brighter Super Pension account, they can complete our Pension Application Form (PO1) which includes a tick box for Retire Easy Pension. This PDF form is available at brightersuper.com.au/forms. Applications for Retire Easy Pension cannot currently be made in Member Online, however, work is underway to make this available in the near future.
Brighter Super members who already have a Pension account can start using Retire Easy Pension at any time. To request this, they should complete the Change Your Investment Options Form (P09) which includes an option to choose Retire Easy Pension. This form is also available at brightersuper.com.au/forms.
If anyone needs assistance with the form, we’re here to help. You can call us on 1800 444 396 between 8.00 am and 5.30 pm on weekdays to talk to our Contact Centre team who will be able to guide them through the form over the phone. Alternatively. you can also make an appointment where we can help you face to face in our Brisbane office.
Before making any decisions about managing your investment and payment options, please refer to the Brighter Super Pension Product Disclosure Statement available at brightersuper.com.au/pds.
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| Q: |
You've received feedback from some early adopters. Can you share what you've learned? |
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Jen:
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Yes, I recently spoke to three members who are already using Retire Easy Pension. They all had similar positive feedback which was great to hear. Here’s a summary of the feedback that I got from them:
- Ease of use and setup
Members have found our Retire Easy Pension product simple to understand and easy to set up. The application process was straightforward, and our team is here to provide assistance with the application form over the phone or in-person at our office.
- Investment structure
The three-bucket investment approach was well-received. Members appreciated having cash for their immediate needs covered by the Cash bucket, while allowing the rest of their money to grow through retirement in Balanced and Growth options.
- Financial security
Members felt reassured by the product's structure, which provided a buffer against market downturns while still allowing for potential growth even while drawing down on their pension. This was particularly appealing to those with modest savings or uncertainty about market conditions.
- Flexibility
The ability to opt out of Retire Easy Pension and into a regular account-based pension at any time was highlighted as a positive feature.
Overall, members have expressed confidence in the product, with one stating, ‘Brighter Super wouldn't launch a product if it wasn't helpful’, which was great to hear.
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| Q: |
Based on this feedback, are you planning any improvements for Retire Easy Pension? |
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Jen:
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Yes, we're continually improving our support from members’ experience with this new solution. One of the members I spoke to recently told me she wanted to be sure that her application was completed right the first time and was looking for some face-to-face support with the application form.
We have, therefore, introduced a new service where members can now call us to make an appointment to meet in-person with someone from our support team. This is in addition to the assistance we offer over the phone to help guide members through our Pension application form.
You can call us on 1800 444 396 between 8.00 am and 5.30 pm on weekdays. We want to ensure everyone feels confident and supported throughout their transition to retirement.
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| Q: |
It sounds like Retire Easy Pension is making retirement planning more accessible. Is that the goal? |
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Jen:
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Absolutely. We aim to provide a solution that works for members with various needs and savings levels. Retiring is a big life decision, and we want to support members as best we can through that change. The positive feedback we've received suggests we're on the right track.
On top of that, Brighter Super gives an immediate dollar reward of up to $15,2001 (called the Retirement Reward) to eligible members who hold a Brighter Super Accumulation account or Transition to Retirement Pension account and open a Brighter Super Pension account (whether they’re using Retire Easy Pension or not).
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| Q: |
Any final thoughts on Retire Easy Pension? |
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Jen:
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We're thrilled with the initial response to Retire Easy Pension. It's designed to give our members peace of mind, flexibility, and the potential for growth in retirement.
When combined with our easy application process and a Retirement Reward as well, we think we have a winning proposition. That said, we'll continue listening to our members and refining our offerings to ensure we meet their needs as they navigate this important life stage.
Retire Easy Pension is more than just a new solution; it’s a reflection of Brighter Super’s dedication to supporting its members through every step of their retirement journey.
To find out more, you can watch our Brighter approach to retirement video, in which David ‘Kochie’ Koch and I discuss Retire Easy Pension and the Retirement Reward.
We invite all members to take a look at Retire Easy Pension and see how it can help achieve a secure and fulfilling retirement.
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