Our Journey

Our Journey

From KiwiSaver to Lifetime Income

For Ralph Stewart it has been an idea since he was asked to consider launching one of New Zealand's first KiwiSaver Funds, however the real journey started in 2013.

It became blindingly obvious that New Zealand was preoccupied with saving for retirement and doing nothing about converting savings into income when they reached retirement.

He spent two years in research and development, travelling the world looking for the right solution for Kiwi Retirees. Finally landing on a Variable Annuity, however at that point no Variable Annuity Licence existed in New Zealand. And introducing one would not be an easy task. 

2015: The Group was issued New Zealand’s first Variable Annuity Licence.

• With just four staff we completed Retirement Income Groups first capital raise.
• Lifetime was granted a binding tax ruling from the IRD which confirms that Lifetime's income payments are tax excluded income in the hands of the Investor.
• After two years of tireless work the Group's company Lifetime Income Limited was issued the first Variable Annuity Licence from the Reserve Bank of New Zealand. 

“Over the next 15 years, 500,000 KiwiSavers will reach 65 and most will live for another 25 years, the combined value of their savings is estimated be as much as $40b.

New Zealanders face important financial decisions about their retirement savings to ensure they won’t outlive the savings they worked hard to accumulate.

Modern retirement income options that can be relied upon, and at the same time are flexible enough to change as retirement needs change, are a key step to achieving a quality retirement."

2016: The Lifetime Income Fund is launched.

• A second capital raise is undertaken.
• Lifetime Asset Management was appointed manager of the Garrison Bridge Superannuation Scheme.
• With the launch of the Lifetime Income Fund New Zealand had its first Variable Annuity on the market, giving retirees a new solution to retirement income.  

“I wrote a cheque for $100,000. It was a strange experience. Partly because it has been a long while since I wrote a cheque (such a clunky form of money exchange) but also because I was, in a fashion, writing the cheque to myself, as I am a Director and minor shareholder of the recipient company.

You may have guessed that the $100,000 was for an investment. The cheque went to Lifetime Income, a company that has just started to offer a new, for New Zealand, investment product called a variable annuity."

2017: Simplicity launches the Guaranteed Fund.

• Simplicity becomes the second distributor of Variable Annuities in New Zealand under the Lifetime Income Limited Licence, giving retirees choices. 
• Reserve Bank of New Zealand grants Lifetime Income Limited approval to take over Foundation Life’s Annuity and Unit Linked Superannuation business.
• Sir Michael Cullen joins the Retirement Income Group Board.
• The Groups reaches over $100 million in Funds Under Management. 

"I've been interested for quite a while in the business, KiwiSaver was created to help New Zealanders save during their working lives so they would have a better standard of living in retirement. RIG's annuities provided KiwiSavers with the ability to convert their KiwiSaver nest eggs into guaranteed income.

As the population continues to age and KiwiSaver members move into retirement it is important they have reliable options to support their income throughout their retirement"

2018: The Britannia Lifetime Income Fund is launched.

• Britannia becomes the third Fund to utilise the Lifetime Income Limited License, retirees now have three providers to choose between for a guaranteed retirement income (Variable Annuity).
• The Group begins to hire for its next stage of growth, this includes the appointment of Ellen Cheyne as CFO. 
• A third capital raise is undertaken.

"For your income top-up, the Lifetime Retirement Income annuity works extremely well in times of volatility.

You have a guaranteed payment each fortnight regardless of what happens to investment markets, so you have certainty and peace of mind. This product was designed for exactly these circumstances."

2019: Retirement Income Group has over $250 Funds Under Management.

• Approval is granted for Lifetime Asset Management to takes over of the Endeavour Superannuation Scheme.
• Lifetime Income Fund grows to over $100 million.
• Record numbers attend seminars across the country with Variable Annuity Sales doubling.
• Dynamic Pricing is introduced, supported by a quote base system.
• A fourth capital raise is undertaken.

"I am more than delighted that I attended your Seminar last year and decided to invest with Lifetime Income, I now have "comfort" in knowing that I have a reliable income each pension day and although the market price is undoubtedly in decline in time it will come back.

I have experienced the decline in my term deposits and now see the fluctuations in the share market so Lifetime is a solid anchor during the storm..."

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