Industry fund AustralianSuper will launch a retirement division in January next year in a bid to keep hold of members after they retire.
Members will be able to access products that offer them an income stream or lump sum payments.
"We found that members who were retiring were forced to leave the fund against their wishes because we had no products that met their needs," AustralianSuper chief executive Ian Silk said.
"The initial feedback from our members has been very positive. We will soon be able to offer these products in-house, allowing our retired members to remain with the fund."
The division will be led by general manager of marketing and communication Allison McIvor and product manager Diana Rob. Both were instrumental in building up the practice.
SuperRatings research released last week showed AustralianSuper was the fastest-growing fund in the year to June 2007, gaining $8 billion in assets and in excess of 112,000 members.
