Russell Superannuation has joined forces with ANZ to create a next generation retirement solution designed to simplify the financial affairs of older Australians.
The solution is a one-stop shop superannuation, pension and banking experience which caters to those Australians over 60, who are expected to transition into retirement through part-time work.
Russell's partnership with ANZ will add integrated transactional banking facilities to the Russell Private Active Pension (RPAP) solution.
As a result, RPAP users over 60 will have the flexibility to access their retirement funds and other savings through a single ATM card.
"By combining people's super and pension, RPAP aims to keep people invested in the most tax-effective super environment for as long as possible," managing director of Russell Superannuation Linda Elkins said.
Russell expects the solution to become popular with planners as a convenient and accessible pension solution for their clients, according to Russell business strategy and operations director Jason Marler.
"It gives the adviser greater visibility of their clients' total consolidated withdrawal number out of the ANZ Prime Cash Management Account. Having that all on the statements makes it really easy for the advisers to gauge their clients' cash withdrawal patterns," He said.
The product will be available from July 1, 2008.
