Aware moves ahead of DBFO with Retirement Manager

Yet another major superannuation fund has moved ahead of the Defining Better Financial Outcomes (DBFO) legislation by putting in place a digital advice solution aimed at retirement planning.

Aware Super is pilot testing ‘Retirement Manager’ which has been designed in conjunction with Bravura Solutions which it says helps answer the two most important questions for in retirement or about to retire – how much can I spend and how long will my money last?

The promotional material said the tool helps retirees set up an income stream, choose an investment option and model different income and spending scenarios while giving users an ‘income confidence score’ which allow them to see how their plan measures up to their goals.

Importantly, it said that fund members can book an advice appointment at no extra cost from within the tool to fine-tune their plan and discuss options with an Aware Super retirement specialist.

Commenting on the product launch, Aware Super group executive, Member Growth, Steve Travis described it as an industry first in retirement planning and digital advice.

“Retirement Manager takes the stress out of retirement planning, giving members the power and the flexibility to create a personalised plan that can be easily adjusted as their needs and circumstances change,” Travis said.

The fund said that Retirement Manager builds on the success of My Retirement Planner which is aimed at members aged 60 and under which has helped 130,000 Aware Super members in the accumulation phase model their retirement goals and devise an appropriate savings plan.

The announcement said Retirement Manager is currently in pilot with a small group of members and is expected to open to eligible members aged over 60 later this year.