What is an annuity?
An annuity is a low-risk investment product that guarantees a regular income, either for a fixed term or for life.
In general, guaranteed annuities aren’t affected by share market movements or interest rate fluctuations, so you can rely on a consistent source of income.
By diversifying your retirement income streams and including an annuity, not only are you less exposed to risk, but there may be tax and social security benefits of using a combination of guaranteed annuities, account based income streams and other income streams.
Key benefits of an annuity
- The ability to lock in a guaranteed return and the comfort of knowing your investment and income are secure no matter how the share market performs.
- The option to receive your income for a fixed term or for the rest of your life as monthly, quarterly, half-yearly or yearly payments.
- Tax-free regular payments for people over 60 who invest with money from their super (see PDS for full details).
- Tax offsets for some people aged between preservation age and 60 who invest with money from their super.
- At the end of the investment term you can access some or all of your initial capital investment.
Types of Lifestream Guaranteed Income Annuities
Fixed term annuities
- Choose a fixed term from one to 30 years
- Choose between zero and 100 per cent of your purchase price to be returned to you as a lump sum when the policy matures
Lifetime annuities
If you invest in a Lifetime Income – immediate annuity:
- You start receiving regular payments during the first year of your annuity for the rest of your life.
- You can select a Guaranteed Period during which the Death Benefit Guarantee and Withdrawal Benefit Guarantee apply.
If you invest in a Lifetime Income – deferred annuity:
- You start receiving regular payments from the end of the deferred period for the rest of your life.
- The Guaranteed Period is set to your life expectancy, rounded down to the nearest whole year during which the Death Benefit Guarantee and Withdrawal Benefit Guarantee apply.
Death benefit guarantee
The Death Benefit Guarantee ensures that if the Policy Owner dies after starting their annuity but before the end of Guaranteed Period, a lump sum amount will be payable to their estate or Reversionary Beneficiary.
Withdrawal benefit guarantee
The Withdrawal Benefit Guarantee ensures that the Policy Owner receives a minimum lump sum amount if they elect to make a full withdrawal during the Guaranteed Period.
*Terms and conditions apply. Refer to the PDS for more details.
Who is this suitable for?
Anyone looking for secure income
Annuities offers a guaranteed regular income for a fixed term, with all or part of your purchase price returned to you at the end of the term, or lifetime from a date you select for the rest of your life.
Retirees
When purchased with super money, our Lifestream Guaranteed Income annuities offers a guaranteed income with tax benefits for individuals or couples of preservation age.
People transferring wealth
Annuities offer a secure wealth transfer for individuals who want to provide for their beneficiaries.
Corporations, trusts and funds
From large corporates to family trusts, organisations large and small can also benefit from the security of an annuity and as a way of diversifying their income streams.
Resolution Life Australia has prepared a Target Market Determination which describes the class of consumers that comprise the target market for this product. The Target Market Determination can be sourced at resolutionlife.com.au/aia/tmds-docs.
How to invest
Read this PDS
We recommend that you read this PDS carefully before investing in an annuity.
STEP 2
Get a quote
- A quote will outline what your regular payments will be. To get a quote you can:
- Contact your financial adviser, or
- Call us on 1800 624 100 between 9am and 5pm (AEST/AEDT), Monday to Friday, excluding public holidays.
STEP 3
Send us your quote and completed application form/s
To apply for a guaranteed annuity, you need to provide
- a completed and signed application form
- a valid quote (valid for 14 days)
- identification and verification documents
- the investment amount via cheque, direct deposit or super rollover
The effective date of your annuity is the date all application requirements, including your investment, are received and accepted by us.
For more information
Contact your financial adviser, or call us on 1800 624 100 between 9am and 5pm (AEST/AEDT), Monday to Friday, excluding public holidays.
Forms and documents
Identification and verification forms
- Identification form - Australian Companies
- Identification form - Australian regulated trusts and trustees
- Identification form - Australian unregulated trusts and trustees
- Identification form - Individuals and Sole Traders
- Self Certification - Individual
- Self Certification - Entity
- Change of details form
- Beneficiary form
Awards
Our Lifestream Guaranteed Income annuity has won the following awards:
- 2022 Plan for Life Deferred Lifetime Guaranteed Income
- 2022 Plan for Life Tools & Calculators
- 2021 Association of Financial Advisers (AFA) Short Term Income Stream Award
- 2021 AFA Annuity Innovation Award
- 2021 and 2020 Plan for Life Longevity Product - Term & RCV Award
- 2020 AFA Short Term Income Stream Award
- 2019 Plan for Life Longevity Product – Multiple Annuity Portfolio Award
Important information
Any advice and information on this website is general in nature and is provided by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life), which is part of the Resolution Life Group. Resolution Life can be contacted via the Contact us page. The advice does not take into account your personal objectives, financial situation or needs. Therefore, before acting on the advice, you should consider the appropriateness of the advice, having regard to those matters as well as the relevant Product Disclosure Statement (PDS) or Policy Document, available here or via the Contact us page. Before making a decision about the product, consider speaking to a financial adviser if you have any concerns.
If you decide to purchase or vary a financial product, Resolution Life and/or other companies within the Resolution Life Group will receive fees and other benefits, which will be a dollar amount or a percentage of either the premium they pay or the value of their investments. You can ask us for more details.
These products are not issued by the AIA Group. The AIA Group has sold to the Resolution Life Group that part of the business that previously provided or administered these products. The Resolution Life Group and its products and services are not affiliated with, or guaranteed by, the AIA Group. The Resolution Life Group uses AIA's trademarks under licence.