ING's OneAnswer - first pension with ATM-linked cash account

In an industry first, ING Australia and ANZ have launched a new super pension with an integrated cash management account that allows customers over 60 years to obtain direct access to their pension funds through ANZ branches, Internet Banking and ATMs.

After the new super rules come into effect on 1 July 2007, ING’s OneAnswer pension product will offer the ANZ Prime Cash Management Account (CMA) as an investment option providing a competitive return and convenient access to funds.

This means retirees can maintain all of their retirement savings in a single integrated product while using the linked cash management account to pay significant expenses and cash reserves for emergencies. In the past many retirees have kept cash reserves in a separate non-super account with any interest earned subject to tax.

Paul Bedbrook, ING Australia's Chief Executive, said: “OneAnswer becomes a complete wealth management vehicle that enables Australians to manage their super, investments and income through one vehicle and take full advantage of the new super rules.

“Superannuation is now easily the most tax-effective structure to accumulate retirement savings, maintain investments in retirement, provide an income to live on, and fund other expenses – all within the new super system that is tax-free from age 60.

“As well as the convenience, customers also have the security of maintaining their retirement savings in a product provided by one of Australia’s largest superannuation managers, with a linked cash account from one of Australia’s largest banks.”

Brian Hartzer, ANZ Group Managing Director, Personal, said ANZ and ING had developed the OneAnswer ANZ Prime Cash Management Account following extensive research with customers and advisers.

“Customers who are 60 years or more will be able to keep more capital invested in the super environment while having more convenient access to withdraw their funds directly via ATMs, Eftpos, ANZ Phone and Internet Banking, or over the counter at any ANZ branch,” Mr Hartzer said.

“From 1 July, customers will be able to access their retirement savings directly, which gives them cash at call in emergencies and helps them to cover unexpected costs. As well as providing more convenient banking, it’s really allowing customers to take control of their financial future in a way that suits their lifestyle and investment strategy.”

The new OneAnswer pension product provides more than 70 investment options from ING and other leading fund managers across all major asset classes.

It gives customers the flexibility to simply shift their funds between all the investment options, including the CMA, or maintain set asset allocations using the regular auto-rebalancing facility.

Fast Facts

ANZ Prime Cash Management Account:

• Withdrawal access to retirement funds through all banking transaction channels including ANZ branches, ATMs, Phone and Internet Banking, and EFTPOS.
  
• Unlimited ANZ Internet Banking transactions each month and five free ANZ withdrawals each month.
  
• No monthly account service fee with minimum account balance of $5,000.
  
• Competitive interest rate.
  
• Customers will receive an ANZ statement each quarter detailing transactions made, interest paid and their account balance so they can monitor their spending. Customers will receive an annual statement for tax purposes from ING.
  
• The ANZ Prime CMA will be available to all OneAnswer pension customers but will only have withdrawal capabilities for those over 60 years.
  
• The One Answer pension with ANZ Prime CMA option is available through accredited financial advisers, including those affiliated with ANZ and ING Australia.