Advice element to TAL/AustralianSuper post-retirement offer
Major group insurer TAL has signalled that it intends to make financial advice part of the recipe in its extended relationship with AustralianSuper to deliver retirement solutions, kicking off with a flexible lifetime income option.
The AustralianSuper/TAL “income for life” offering is expected to be available early next year and represents a significant advance in terms of the development of post-retirement products.
TAL, which holds market dominance in the group insurance space, made clear that it sees the new arrangement with AustralianSuper as a vehicle for entry into the post-retirement products market.
TAL chief executive Group Life and Retirement, Jenny Oliver said the company had a long history of protecting AustralianSuper members during their working years “and now we are delighted to have the opportunity to deliver a whole-of-life solutions and provide protection to these members in their retirement”.
“We look forward to partnering with AustralianSuper to provide retirement solutions that meet the evolving needs of members, particularly flexible lifetime income options, alongside access to guidance and financial advice, and supported by leading technology and digital capabilities,” Oliver said.
“Retirement solutions are a strategic part of TAL’s protection proposition. We have and will continue to invest significantly in our capabilities to support our partners to deliver their retirement income strategies across member experience, product and digital.”
AustralianSuper described the arrangement with TAL as a major step, with its Chief Retirement Officer, Shawn Blackmore saying there was no one size fits making it important that the fund was able to provide products, advice and services to meet members’ individual needs.
He said AustralianSuper’s Retirement Income Strategy identified a cohort of members who may benefit from a lifetime income option supplementing an account-based pension and Age Pension.
“A lifetime income option not only ensures members, and their partners, are able to have an income as they live, it may also enable a higher Age Pension entitlement through favourable asset and income test treatment,” Blackmore said.
“A great feature of our new proposition will be that members only need to invest a proportion of their savings into this option to give them a sense of security about their financial future.”
Lifetime Annunities SOLD by Uneducated, Unqualified, Single Product Sales Agent Back Packer Call Centers.
What could possibly go wrong ???
Industry Super your AFCA complaints are going to go through the roof.
But hey Industry Super run Canberra these days so no problem hey Industry Super can do whatever they want.