TAP pensions a yawn
Term-allocated pensions are struggling to catch the imagination of new retirees. After many months of hype, this new style of pension attracted a meagre $44 million in investment flows. AMP, St George Bank subsidiary Asgard and ING recorded disappointing sales of term-allocated pensions after their launch in September. Term-allocated pensions convert superannuation savings into regular income in retirement and can invest in shares without compromising a retiree's entitlement to social security and tax benefits.