An income for life. The retirement income gap. The Retirement Income Gap

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1 Income for life.

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3 Income for Life 3 An income for life Retirement is a new adventure. It s the reason you started saving all those years ago. But now that you re finally here, how do you make sure your savings last as long as you do? Your pay cheque may have stopped but the bills haven t, so how do you make a lump sum last a retirement that could span 30 years? For the first time in New Zealand, Lifetime Retirement Income has combined investment with insurance to give you an income for life. Whatever happens in the markets, the income you get from your nest egg is protected. Your fortnightly payments can start any time after you turn 60 and will continue for the rest of your life, no matter how long you live. The retirement income gap Lifetime is designed to help you bridge the gap between your fortnightly expenses and the money you get from New Zealand Superannuation (Super). Research shows that Super is not enough to cover living expenses for many retirees, even if they are on a no-frills budget. A report from Massey University suggested that the retirement income gap for a couple on a no-frills budget is up to $175 per fortnight. The retirement income gap for couples on a budget with choices is much larger at up to $1,006 per fortnight. Total Fortnightly Expenditure $2,500 $2,000 $1,500 $1000 $500 $0 No Frills - Metro The Retirement Income Gap (for a couple, based on 2016 figures) $ $1, $1, No Frills - Provincial $1, $1, Choices - Metro $ $1, Choices - Provincial Fortnightly NZ Super Fortnightly Income Gap New Zealand Retirement Expenditure Guidelines 2016, Massey University.

4 4 Lifetime Retirement Income Lifetime can help you bridge this gap with a permanent, fortnightly income to top up your Super. This is shown in the diagram below. Peak spending years How can Lifetime turn my nest egg into a regular income for life? When you invest with Lifetime, your savings are invested in a balanced fund and your income is insured to make sure it lasts as long as you do. Income to pay for desirables Income from retirement savings The Lifetime Income Fund is managed by our four investment managers: Income to pay for essentials Lifetime Retirement Income New Zealand Super 65 Age The fund is designed to grow your nest egg and make it last as long as possible. All investment returns are credited to your account. Fees, tax, and your fortnightly income payments are debited from your account. When it comes to designing your retirement plan, it s important to make sure you ve got a regular income, as well as money set aside to pay for holidays, emergencies, and other large expenditures. Lifetime helps you take care of the income part of your retirement plan with regular payments into your bank account every fortnight, for life. This works well as part of a diversified plan, giving you a permanent base of income from which to build the remainder of your portfolio. Even if your fortnightly payments deplete your savings, this doesn t mean you ll run out of income. Lifetime s longevity insurance makes sure you keep getting your regular income, for life. With Lifetime, you get certainty. You know you ve got money coming in every fortnight to pay the bills, just like when you were working. You also don t need to worry about stock market crashes or low interest rates affecting your income. If you need to withdraw some, or all of your savings down the track, you can. It s your money and it s always available. If you pass away, your remaining capital will go to your estate.

5 Income for Life 5 I need a reliable income for my retirement When it s time to retire, you can turn your nest egg into a regular income straight away. Your savings are invested in a balanced fund that preserves your capital while you draw down on it. At the same time, your income is insured for life. This means that regardless of what happens to Age at first income payment Annual Lifetime Withdrawal Benefit Rate (after fees & tax) Age at first income payment Annual Lifetime Withdrawal Benefit Rate (after fees & tax) interest rates or financial markets, you receive a regular payment into your bank account every fortnight. Your income payments continue for the rest of your life, even if your original capital runs out. Your savings are invested by Lifetime s supervisor, the Public Trust and held in your name. At any time, you can withdraw up to 20% of your balance and have your income adjusted on that basis. You can also withdraw everything if you wish and no withdrawal fees will apply. It s your money and you re in control at all times % 4.60% 4.70% 4.80% 4.90% 5.00% 5.10% 5.20% % 6.20% 6.30% 6.40% 6.50% 6.60% 6.70% 6.80% What will my income be? The initial amount of money you invest is called your Protected Income Base. You can invest anything from a minimum of $25,000 to a maximum of $1,000, % 5.40% 5.50% 5.60% 5.70% % 7.00% 7.10% 7.20% 7.30% Your insured income is called your Lifetime Withdrawal Benefit % % This is a percentage of your Protected Income Base. Your Lifetime Withdrawal Benefit rate is based on your age when you first start receiving income payments % 6.00% % You can start your income any time after you turn 60. Lifetime pays tax on your behalf at your normal PIE tax rate and all tax and fees are deducted from your account. This means that your fortnightly Lifetime Withdrawal Benefit is paid into your bank account net of both fees and tax.

6 6 Lifetime Retirement Income Can I invest with my partner? You can invest in Lifetime individually or together with your partner. Investing individually insures your personal income for the rest of your life. Should you pass away, all remaining capital will go to your estate. Investing with your partner insures your income for both of your lives. This means when one of you passes away, the full Lifetime Withdrawal Benefit is transferred to the surviving partner for the rest of their life. Should you both pass away, all remaining capital will go to your estate. If you choose to make a joint investment, your Lifetime Withdrawal Benefit rate is based on the age of the younger partner. I m 65 years old and want to invest $100,000. What will my income be? At 65, your Lifetime Withdrawal Benefit rate will be 5.00% per annum after fees and tax. Your Protected Income Base will be equal to your initial investment of $100,000. This will give you an insured income of $5,000 per annum paid into your bank account at a rate of $192 every fortnight for life. If you pass away, all remaining capital will go to your estate. I m 75 and my husband is 77. We d like to make a joint investment of $150,000. What will our income be? Because you are making a joint investment, your Lifetime Withdrawal Benefit rate will be based on your age, as you are the younger partner. At 75, your Lifetime Withdrawal Benefit rate will be 6.00% per annum after fees and tax. Your Protected Income Base will be equal to your initial investment of $150,000. This will give you and your husband an insured income of $9,000 per annum paid into your bank account at a rate of $346 every fortnight for life. If either you or your partner were to pass away, the full Lifetime Withdrawal Benefit will be transferred to the surviving partner for the rest of their life. Should you both pass away, all remaining capital will go to your estate. How much should I invest with Lifetime? Lifetime is designed to help you bridge the income gap between your fortnightly expenses and the money you get from Super, making sure your regular income needs are covered for life. As a result, the amount you could invest with Lifetime depends on your personal living costs in retirement. This is subjective. However, international research1 suggests the amount of money you could invest in a guaranteed income product like Lifetime is between 30% to 40% of your savings but this will depend on your personal circumstances. For example, the suggested amount is closer to 40% if you re 65 or younger and closer to 30% if you re 75 or older. Your surplus savings on top of this amount could be invested in a diversified mix of other assets like shares, bonds, or bank deposits. For example, shares carry more risk but there is potential for higher returns that can help you grow your savings and potentially outpace inflation over your retirement. Bonds can generally give you a steady income and help you protect your savings from market volatility. Bank deposits are useful for money you need in the short-term, as well as for lump sum expenditures like holidays, new cars etc. 1 Allocation to Deferred Variable Annuities, Morningstar.com (last accessed 31 March 2018).

7 Income for Life 7 Case Study: Dave, 67 and Sharon, 65 Dave and Sharon have just retired with savings of $350,000. They are still fit and active so feel like Super won t be enough to meet Protected Income Base $200,000 their needs. They want to invest $200,000 with Lifetime and start drawing an income immediately to supplement their Super. x Lifetime Withdrawal Benefit rate at age % p.a. Dave and Sharon want security. They need to make sure they will always have enough income, even if one partner passes away and = Lifetime Withdrawal Benefit at age 65 $10,000 p.a. ($384 per fortnight) their Super gets reduced. Because of this, they decide to make a joint investment. The table on the upper right shows how their income is calculated. Their Lifetime Withdrawal Benefit rate is based on the age of the younger partner, which in this case is Sharon at 65 years old. The green bars on the graph to the right represent Dave and Sharon s income of $10,000 per annum. The pink dotted line shows their investment account balance. In any year, their account balance is equal to their original investment plus net investment returns, less income payments. In some years, Dave and Sharon s investment returns may be less than their income payments. When this happens, their capital Account Balance ($) 250, , , ,000 50,000 Annual Lifetime Withdrawal Benefit Lifetime Account Balance 20,000 17,500 15,000 12,500 10,000 7,500 5,000 2,500 Annual Lifetime Withdrawal Benefit ($) is used to make up the difference. Even if their regular income payments eventually deplete their savings, this doesn t mean they ll run out of income. Lifetime s longevity insurance makes sure they ll Age always receive $10,000 per annum, paid at a rate of $384 every fortnight, for life. This graph shows Dave and Sharon s regular income payments and account balance over time.

8 8 Lifetime Retirement Income What happens if Dave s hip becomes a serious problem when he s 70? Rather than go on a waiting list for an operation, Dave and Sharon decide to take $20,000 out of their account and pay for private treatment. They withdraw the money and Dave has the operation. Their account balance falls by $20,000 and their Lifetime Withdrawal Benefit is reduced proportionately. Their account balance runs out by the time Sharon turns 89, but Lifetime s insurance means they ll continue receiving their regular income until they both pass away. What if Dave passes away at 75? Because Dave and Sharon made a joint investment, the full income will be transferred to Sharon for the rest of her life. What if Sharon were to pass away a few years after Dave at age 80? Having received an annual income of $10,000 for 15 years ($150,000 in total), Sharon s expected remaining account balance of $95,005 would be transferred to her estate. 250,000 Annual Lifetime Withdrawal Benefit 20,000 Account Balance ($) 200, , ,000 50,000 Lifetime Account Balance 17,500 15,000 12,500 10,000 7,500 5,000 2,500 Annual Lifetime Withdrawal Benefit ($) Age This graph shows Dave and Sharon s regular income payments and account balance over time.

9 Income for Life 9 I m not ready to retire yet but I want to protect my income for when I do When you re about to retire, you may have the most savings that you ve ever had up until now. Therefore, a downturn in the markets can have a big impact on your retirement income. As you no longer work when you re retired, you don t have the opportunity to ride out market cycles and earn your capital back. Lifetime removes this risk by protecting your future income. If you invest now but defer your income payments until you need them, you can grow your future income with investment returns. Because your income is insured, it will rise with positive returns but it cannot fall, even if there is a market downturn. Each year, we ll reset your Protected Income Base to the higher of your original investment or its current market value. This locks in market gains on an annual basis and protects your future income from negative returns. This means that while your account balance will fluctuate with the markets, your future income will not. Another benefit of deferring your income is that the Lifetime Withdrawal Benefit rate increases with age, so when you do start receiving income, you ll get more. For example, if you re 63 today but you decide not to take any income until you re 68, your Lifetime Withdrawal Benefit rate will increase from 4.80% per annum to 5.30% per annum. The graph below shows how during the deferral period, your Protected Income Base is locked in each year. It rises with positive returns but it cannot fall. $150,000 Account Balance Protected Income Base $140,000 $130,000 $120,000 $110,000 $100,000 $90,000 $80,000 $70,000 Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7

10 10 Lifetime Retirement Income I m 62 and I want to invest $100,000, but I don t want to start my income until I m 67 Your minimum income at age 67 will never be less than $5,200 per annum (or $200 each fortnight) regardless of market fluctuations or how long you live. This is based on a Protected Income Base of $100,000 and a Lifetime Withdrawal Benefit of 5.20% per annum. However, it s likely that your income will be higher as positive returns during your deferral period will increase your future income. Each year from age 62, your Protected Income Base will be reviewed and locked in to reflect market growth. However, if the market goes down, your Protected Income Base will stay the same. Here s how this might look in a market that drops and then recovers: Age At 62, your Protected Income Base is equal to your initial investment of $100,000. However, from age 62 to 67, the market experiences some volatility. Account Balance $100,000 $105,000 $115,000 $123,000 $99,000 $105,000 Protected Income Base $100,000 $105,000 $115,000 $123,000 $123,000 $123,000 Markets perform well each year from age 62 to 65 and your account balance increases. Your Protected Income Base is automatically increased each year to lock in these gains. However, there is a market downturn when you are 66, and your account balance falls from $123,000 to $99,000. Although your account balance has fallen, your Protected Income Base and future income have not. The market recovers slowly in the following year and your account balance increases to $105,000. When you start receiving income payments at 67, your income will be calculated on your highest Protected Income Base of $123,000. At 67, your Lifetime Withdrawal Benefit rate will be 5.20% per annum after fees and tax. On a Protected Income Base of $123,000, your income will be $6,396 per annum, paid into your bank account at a rate of $246, every fortnight for the rest of your life. What happens if my circumstances change? No one knows what s going to happen in the future, so it s important that your finances have the flexibility to cope with whatever life throws at you. Lifetime allows you to: Change your deferral period with little notice. Invest additional sums during the deferral period to top up your future income. Withdraw your full account balance without penalty. Withdraw up to 20% of your account balance as a lump sum without penalty. Your income payments will be recalculated to take account of this. Have your remaining balance go to your estate if you pass away.

11 Income for Life 11 Case Study: Deborah, 65 Deborah is 65 and has saved $250,000 over her working life. She intends to keep working part time so there s no pressing need for extra income just now. She s decided to invest $150,000 with Lifetime but defer her income until she turns 71. At first, markets rise and her account balance grows to $156,000 in Year 1 and then to $163,000 in Year 2. However, following this, markets perform poorly so her account balance drops to $155,000 in Year 3 and then to $152,000 in Year 4. Although her account balance has fallen, Lifetime locked in her Protected Income Base at $163,000 in Year 2. This means that her future income payments are permanently based on this higher level despite a fall in her account balance. Account Balance ($) 160, , , ,000 80,000 60,000 40,000 20,000 Annual Lifetime Withdrawal Benefit Account Balance Protected Income Base 32,000 28,000 24,000 20,000 16,000 12,000 8,000 4,000 Annual Lifetime Withdrawal Benefit ($) In Years 5 and 6 the markets recover, sending her account balance up again to $160,000 in Year 5 and then to $168,000 by the time Deborah turns 71. Her Protected Income Base rises again to $168,000. Deborah s eventual income is based on this latest and highest account balance of $168,000. At 71, her Lifetime Withdrawal Benefit rate is 5.60% per annum after fees and tax and she starts receiving her income payments of $9,408 per annum paid into her bank account at a rate of $361 per fortnight, for life Age Protected Income Base $168,000 x Lifetime Withdrawal Benefit rate at age % p.a. = Lifetime Withdrawal Benefit $9,408 p.a. ($361 per fortnight)

12 12 Lifetime Retirement Income How does Lifetime keep my savings secure? When you invest with Lifetime, your capital is held by the Public Trust, the supervisor and custodian of the fund. The Public Trust invests your savings in the balanced fund as per the Product Disclosure Statement. Lifetime can only withdraw capital from your investment account in the event of: making Lifetime Withdrawal Benefit payments to you; paying the fees and tax on your investment; or if you instruct Lifetime to withdraw all or part of your investment. As a fund manager, Lifetime is monitored by the Financial Markets Authority (FMA). Lifetime reports to the FMA every month on the financial performance and management of investors money. Lifetime is also licensed by the Reserve Bank of New Zealand. This is important as the Reserve Bank only licenses two types of financial organisations; insurance companies and banks. As a licensed insurer, Lifetime is subject to strict governance and supervision. In order to offer a lifetime income guarantee, the Reserve Bank requires Lifetime to hold sufficient capital in order to meet its future obligations. Capital must be held separately in a statutory fund, which is regularly monitored by the Reserve Bank. What are the fees? There are two annual fees for investing with Lifetime. 1) Fund Management Fee 1.00% per annum of your account balance. The Fund Management Fee is to invest and manage your capital in the Lifetime Income Fund. 2) Lifetime Income Guarantee Insurance Premium 1.35% per annum of your Protected Income Base. If you choose to make a joint investment, the Lifetime Income Guarantee Insurance Premium is 1.75% per annum of your Protected Income Base. The purpose of the Lifetime Income Guarantee Insurance Premium is to insure your income for the rest of your life, regardless of market performance or how long you live. If your original capital is depleted, the insurance continues to pay your regular income payments for life.

13 Income for Life 13 The advantages of Lifetime A dependable income for life - you know you ve got money coming in every fortnight to pay the bills, just like when you were working. Protects your downside - Lifetime s insurance means you don t need to worry about stock market crashes or low interest rates affecting your income. Your money is always yours - if you need to withdraw some, or all of your savings down the track, you can. There are no withdrawal fees. If you pass away, your remaining capital goes to your estate. Your income is secure - Lifetime is licensed and regulated by the Reserve Bank of New Zealand and the Financial Markets Authority. Your investment is supervised by the Public Trust. It s tax effective - your income payments are paid into your bank account after fees and tax. The team behind Lifetime Lifetime Retirement Income is a Kiwi company founded by professionals with a lifetime of experience in financial services. Sir Michael Cullen, Director - is the former Deputy Prime Minister and Finance Minister of New Zealand. Sir Michael was responsible for setting up KiwiSaver and establishing the New Zealand Superannuation Fund. He was also the Attorney General of New Zealand and Chairman of New Zealand Post. Diana Crossan, Chairperson - was Retirement Commissioner of New Zealand for 10 years. Prior to this, Diana was a Senior Executive with AMP in the UK and in New Zealand and has held senior leadership roles in the public and SOE sectors. Her past directorships include Mighty River Power and New Zealand Post. Martin Hawes, Director - is one of New Zealand s leading financial commentators. An authorised financial adviser, Martin has authored multiple books and publications on personal financial planning. He is also a columnist for the Sunday Star Times and stuff.co.nz. Ralph Stewart, Managing Director - is the former CEO of AXA Insurance New Zealand and ACC. He has thirty years of experience in New Zealand s financial services sector. Ralph has a Diploma in Business Administration from Victoria University in Wellington and a Masters in Business Administration from Manchester University in the UK. To view the rest of the team, visit us at:

14 14 Lifetime Retirement Income How do I invest with Lifetime? Our application form is on the next page and can also be completed online at lifetimeincome.co.nz. For more information Please read our Product Disclosure Statement at: lifetimeincome.co.nz, or consult your financial adviser. Alternatively, call us on or us at: retire@lifetimeincome.co.nz

15 Application to join the Lifetime Income Fund Income for Life Your information 2. Your partner s information (please leave blank unless you are making a joint investment) Title First name(s) Title First name(s) Surname Sex: Male Female Surname Sex: Male Female Home address Home address (if different) Postcode Postcode Home phone Home phone (if different) Mobile Mobile Date of Birth Country of birth Date of Birth Country of birth Are you a New Zealand citizen or entitled to remain in NZ indefinitely? Yes No Are you a New Zealand citizen or entitled to remain in NZ indefinitely? Yes No IRD number for assistance, call Inland Revenue on IRD number for assistance, call Inland Revenue on Prescribed investor rate 10.5% 17.5% 28% Prescribed investor rate 10.5% 17.5% 28% Please see the prescribed investor rate diagram at the end of this application form for assistance. Are you a US citizen/tax resident? Yes No Please see the prescribed investor rate diagram at the end of this application form for assistance. Are you a US citizen/tax resident? Yes No If yes, please enter your US Social Security Number (SSN) If yes, please enter your US Social Security Number (SSN) Are you a tax resident of any other country/jurisdiction? Yes No Are you a tax resident of any other country/jurisdiction? Yes No If yes, which country/jurisdiction? If yes, which country/jurisdiction? Please provide the tax payer number issued in this country /jurisdiction Note: you must inform us of any change to your tax residency or US citizenship within 30 days of the change. Please provide the tax payer number issued in this country /jurisdiction Note: you must inform us of any change to your tax residency or US citizenship within 30 days of the change.

16 16 Lifetime Retirement Income 3. Your investment amount I wish to invest $ Please provide a description of the origin of the money being invested e.g. from a maturing bank term deposit, sale of a property, KiwiSaver transfer etc. 5. Confirming your identity (Please tick the box to indicate which documents you re sending us) We will need to verify your identity, address, and bank account details: (A) Your identity (and your partner s identity if you are making a joint investment) Could you please provide us with a copy of one of the following (must be current): NZ Passport NZ Driver licence (B) Your residential address Could you please provide us with a copy of one of the following (must be less than 3 months old): Note: in some circumstances we may request further evidence of the origin of the investment funds e.g. a bank statement, a copy of a sale and purchase agreement or KiwiSaver statement. 4. Your Lifetime Withdrawal Benefit (LWB) When would you like to start receiving your LWB payments? Immediately alternatively, please specify a starting date D D M M Y Y How often would you like to receive your LWB payments? Bank statement Power bill Home phone bill Inland Revenue statement (C) Your bank account details Could you please provide us with a copy of one of the following: Bank statement 6. Affiliate code Bank deposit slip Every 2 weeks Every 4 weeks If you have an affiliate or promotion code, please enter it here. Please provide details of the bank account you would like your LWB payments deposited into: Affiliate code Name of Bank Account name Bank Branch Account Number Suffix Note: we require a bank-encoded deposit slip, bank statement or confirmation from your bank verifying the account name and number. Please select payment option Direct credit Cheque

17 Income for Life Your agreement By signing this application form, you confirm that you have received and read the Lifetime Income Fund Product Disclosure Statement dated 17 July 2017 and that you agree to be bound by the Lifetime Income Fund s terms and conditions. These are set out in the Product Disclosure Statement, online register entry, application form and governing document. I confirm that I have read and accepted the above declarations and authorisations and have received, read and understood the Lifetime Income Fund Product Disclosure Statement dated 17 July Authorised financial adviser details (Please leave blank unless you are investing via an adviser) Title First name(s) Surname Company name I also confirm that Lifetime Asset Management Limited, or any employee thereof, has not provided me with personalised financial advice other than general information about the Lifetime Income Fund. Business phone Mobile phone Signature Signature Date D D M M 2 0 Y Y Adviser Service Fees (optional) One-off Adviser Service Fee I authorise the Manager to pay a one-off adviser service fee (ASF) of % (maximum 1%) to the financial adviser whose details are provided above. Signature of Partner (joint investors only) Signature Date D D M M 2 0 Y Y I understand the one-off ASF will be deducted from my account balance. I understand it will be calculated on my total initial investment amount stated in Section 3 when all initial contributions have been received. When completed, please post your application form to us at: Lifetime Retirement Income, PO Box 10760, The Terrace, Wellington 6143 If paying by Internet Banking or Direct Credit, please forward payment electronically to: Bank: ANZ Bank Limited Account name: Public Trust Lifetime Income Nominees Applications Account number: SWIFT ID: ANZBNZ22XXX Please include the following information in the reference fields on your internet banking payment or direct credit: your Surname and your IRD Number. If paying by cheque, please cross your cheque non-transferable and make it payable to: Public Trust Lifetime Income Nominees Limited. Ongoing Adviser Service Fee I authorise the Manager to pay an ongoing ASF of adviser whose details are provided above. % (maximum 0.5%) to the financial I understand the ongoing ASF will be deducted from my account balance in the Fund each month. I understand it will be calculated on my total initial investment amount stated in Section 3 when all initial contributions have been received. If you have agreed with your financial adviser to have a one-off ASF fee, or ongoing ASF fees deducted, please sign below. Signature Date D D M M 2 0 Y Y

18 18 Lifetime Retirement Income Make sure we have your correct Prescribed Investor Rate (PIR) The following diagram will help you to determine your PIR. Inland Revenue can require us to use a different PIR if they consider that you have given us an incorrect PIR. FOR OFFICE USE ONLY 1st Payment LWB Rate (%) Are you a New Zealand tax resident? Yes No Your PIR is 28% Full Investment ($) LWB Payment ($) One-off ASF LWB Frequency In either of the two income years before the relevant year, was your taxable income $14,000 or less? No In either of the two income years before the relevant year, was your taxable income $48,000 or less? No Your PIR is 28% Adviser Balanced Portfolio ($) PIB ($) Cash Portfolio ($) Yes Yes Was your total taxable income and attributed PIE income (after deducting any attributed PIE loss)* in that year $48,000 or less? No Was your total taxable income and attributed PIE income (after deducting any attributed PIE loss)* in that year $70,000 or less? No Your PIR is 28% Yes Yes Your PIR is 10.5% Your PIR is 17.5% * Your attributed Portfolio Investment Entity (PIE) income or loss for an income year is the amount of income or loss attributed to you by PIEs (including the Lifetime Income Fund) in that income year, as recorded in the tax certificates issued by PIEs to you at the end of each income year. An income year generally runs from 1 April of the previous year to 31 March of the current year. If you have considered the two previous income years and determined that you qualify for two different rates, your PIR is the lower rate. Your worldwide income must generally be included in taxable income when determining your PIR, even if you were not resident in New Zealand when that income was earned. Exceptions apply (for more information see ird.govt.nz or consult a tax adviser). Get advice if you re not sure How an investment affects your tax obligations may depend on your individual circumstances. If you re uncertain, you should consult a tax adviser.

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20 This information is current as at 17 July It is general information and is not intended to constitute financial or investment advice or an offer of any financial products or services by Lifetime Asset Management Limited (Lifetime). Although every effort has been made to ensure this publication is accurate, no responsibility is accepted for any inaccuracies, errors or omissions. Lifetime is the issuer and manager of the Lifetime Income Fund, please see our Product Disclosure Statement at lifetimeincome.co.nz