Lifetime completes capital raising

It said it would strengthen Lifetime Retirement Income’s regulatory capital position and support sales and marketing activity as the business grew.

The Lifetime Income Fund was established in 2016 and enables retirees to turn their savings into a regular income that’s insured and guaranteed for life. A combination of basic funds management and insurance principles allows investors to secure a minimum regular income, while still having access to their fund balance at any time.

The product provides peace of mind for retirees by providing a regular top-up to New Zealand Superannuation Payments – for as long as they live.

Lifetime Income is the only licensed provider of variable annuity products in New Zealand. The process of licensing with the Reserve Bank of New Zealand took more than two years to complete.