Australian Retirement Trust (ART) has been awarded Money magazine’s ‘Best Innovation – Retirement Innovator’ at the annual Best of the Best Awards 2023.
The award recognises Australian Retirement Trust’s Lifetime Pension, a market-leading product that works with an account-based pension to help members feel more confident in their retirement. The ‘Best Innovation – Retirement Innovator’ award is a new category this year and has been driven by APRA’s introduction of the Retirement Income Covenant.
Bernard Reilly, ART’s Chief Executive Officer, said the award is a testament to the fund’s focus on members and to being a retirement partner of choice for Australians.
“Superannuation is about members building enough savings to enjoy their best retirement, yet we know many retirees are worrying about their savings running out. That’s why we developed the Lifetime Pension,” Mr Reilly said.
“Improving our members’ retirement outcomes and helping them to and through retirement is our fund’s purpose – it’s our middle name after all. Growing retirement savings is one part of the superannuation journey, but it has to be supported by intelligent products, education and advice.
“In their feedback for this award, Rainmaker’s research team acknowledged ART for leading the industry charge as the market shifts towards retirement as its central focus and recognised that our Lifetime Pension product has redefined how other super funds design their retirement products.
“We’re very proud to have been acknowledged for this product, which gives our more than two million members a market-leading retirement income option. Every retirement is different, and our ambition is to support our members to feel confident, whatever their financial position.” Mr Reilly said.
Money magazine's annual Best of the Best Awards recognise the leading financial product and service providers in Australia.
The awards are designed to help more Australians grow their personal wealth through the magazine's independent research and insights on the country's best-value financial services providers.
Lifetime Pension is a market leading product, having also won Chant West's Longevity Award for 2022 and Pensions & Investments' Innovation Awards for 2021.