TelstraSuper will close its RetireAccess Lifetime Pension product following a “comprehensive review” of its product suite during the early stages of planning for its merger with Aware Super.  
 
“Following a comprehensive review of our product suite during the early stages of our merger planning with Aware Super, we’ve made the decision to close our Lifetime Pension,” a TelstraSuper spokesperson told Investment Magazine.  
 
“Our intention is for members who hold the Lifetime Pension product to be transferred via successor fund transfer to an equivalent Challenger product in early 2026.” 
 
Designed in partnership with Challenger and launched in 2023, RetireAccess Lifetime Pension was the first profit-to-member guaranteed lifetime income stream to launch under the Retirement Income Covenant. With the intention of providing a market or inflation-linked “guaranteed income for life”, that could be integrated with a member’s account-based pension, TelstraSuper CEO Chris Davies at the time described the product as “the final piece in the retirement puzzle”.  
 
“We know that many retirees are living more frugally than they need to because they fear their savings won’t last the distance or that their spending power will be eroded by higher costs of living,” Davies said. 
 
“Our Lifetime Pension provides a layer of income protection whilst also helping to maintain savings when used in conjunction with an account-based pension from the fund.” 
 
The closure follows the announcement that TelstraSuper will also close its Direct Access investment option ahead of the merger, which is slated to complete towards the end of the 2025/26 financial year, with the two funds signing a binding heads of agreement in early October.  
 
 ”Aware Super’s strong member-first ethos, commitment to long-term performance, and focus on delivering better retirement outcomes reflect the principles TelstraSuper has always stood for,” said TelstraSuper chair Anne-Marie O’Loghlin AM. “Together, we’re creating a stronger future for our members. We think it makes sense to join a fund whose values so closely align with our own.”