Retirement Income Group gets former finance minister on its board

Sir Michael Cullen, former deputy Prime Minister, Minister of Finance, Attorney-General, and recently Chairman of New Zealand Post has joined the board of the Retirement Income Group Limited. 

Retirement Income Group developed and now manages New Zealand’s only modern variable annuity, marketed under the Lifetime Retirement Income brand. A variable annuity is a financial product that converts an investor’s retirement savings into a regular income that is insured to last their entire life.

Sir Michael joins existing independent directors: Diana Crossan, the former Retirement Commissioner of New Zealand; Martin Hawes, a prominent financial commentator; Ralph Stewart, the former CEO of AXA Insurance and ACC; John Strahl, a former partner at DLA Piper; Graeme Mitchell, a former partner at Deloitte; and Timothy Paris, a US-based variable annuity expert.

“Since the successful launch of KiwiSaver in 2007, there has been an obvious need for a well structured investment product that allows savers to convert their retirement savings into a regular income stream that will last their lifetime.