AMP launches pivotal MyNorth retirement solution

Mike Taylor

Managing Editor and Publisher

18 October 2022

AMP Limited has rolled out a key plank of its strategy platform – a retirement solution based on MyNorth.

The company announced that the new retirement solution, MyNorth Lifetime, is a first because it provides access to a retirement income stream that can be opened before retirement.

The product also encompasses involvement by major insurer, TAL, which will underwrite elements of the offer.

The announcement said that customers would be paid an income for life which incorporated the certainty of an annual bonus underwritten by TAL.

“Customers and their financial advisers have complete control over investment choice and strategy, with access to North’s extensive investment menu. This ensures advisers can support their customer’s specific investment goals and retirement objectives, and make changes over time as circumstances change,” the AMP launch material said.

“The account provides an income for life because the guaranteed annual bonus rate ensures the balance will never be depleted.”

It said MyNorth Lifetime included options for retirees, pre-retirees and those transitioning into retirement encompassing a MyNorth Lifetime Income account designed to provide a retirement income stream for life, for customers (and their spouses where selected), the MyNorth Lifetime Super account which is an accumulation account with no capital restrictions that lets customers plan and save for retirement while locking in asset test benefits and the MyNorth Deferred Lifetime Income account which is a tax-free accumulation account for customers who have satisfied a condition of capital release but do not wish to commence drawing down an income.

AMP said customers would pay a $91 annual account fee and 0.1% annual fee which would be included as part of North’s $2,400 cap for individuals and $3,300 for families.