Life insurer TAL will develop an “income for life” retirement product option for AustralianSuper members. 

The new product is expected to be available early next year, the two businesses said in a joint statement. 

AustralianSuper Chief Retirement Officer Shawn Blackmore says the product will be tailored to provide the fund’s members with the confidence to use the savings they have worked to accumulate. 

“A great feature of our new proposition will be that members only need to invest a proportion of their savings into this option to give them a sense of security about their financial future,” he said. 

TAL already has an existing partnership with AustralianSuper and its Chief Executive Group Life and Retirement Jenny Oliver says the business looks forward to working on the retirement product for the fund’s members. 

“We have a long history of protecting AustralianSuper members during their working years, and now we are delighted to have the opportunity to deliver a whole-of-life solution and provide protection to these members in their retirement, so they can enjoy these years with confidence and dignity,” she said.