Partnerships aplenty as Retirement competition heats up

Mike Taylor

Managing Editor and Publisher

21 May 2026

ANALYSIS

The Australian Prudential Regulation Authority (APRA) last November released a disappointing analysis of how superannuation funds had been addressing their obligations under the Retirement Income Covenant. Yesterday, both Colonial First State (CFS) and HUB24 announced new initiatives.

For its part, AMP Limited took the opportunity to welcome more competition in the retirement incomes space noting that it had acted to put products into the market in 2022.

While CFS announced yesterday a four-way partnership with Generation Life, Blackrock and Challenger, HUB24 announced the launch of a lifetime super solution with life insurer TAL.

HUB24 specifically mentioned that the lifetime super account “meets the requirements of an Innovative Retirement Income Stream, providing access to concessional Centrelink treatment when used to purchase a lifetime pension account.

The platform provider said that, alongside a broad range of investment options, advisers can now choose from a range of leading lifetime income solutions, including Allianz Guaranteed Income for Life (AGILE) and Challenger annuities, enabling more tailored retirement strategies for their clients.

All of this should please APRA and its fellow regulator the Australian Securities and Investments Commission (ASIC) who noted in their 2025 Retirement Pulse Check that “The retirement income covenant was introduced in 2022 to elevate RSE licensees’ support for Australians approaching or in retirement as a key strategic priority. Yet, three years later, there is a widening gap between RSE licensees that are innovating to meaningfully drive better retirement outcomes and meet their members’ needs, compared to those who are focused on mere compliance with the covenant”.

APRA and ASIC said they were urging superannuation fund licensees “to accelerate their efforts to strengthen their retirement practices and approach”.

The two regulators also signalled that an expansion of the superannuation performance test to include retirement products.

What has become clear over the past 18 months is that the times and the Retirement Income Covenant are suiting annuities specialist, Challenger, which has been fundamental to the offerings of both Insignia and CFS.

It is also worth noting that TAL, owned by Japan’s Dai Ichi, last year took a 15% strategic stake in Challenger.

Insignia Financial announced the launch of its MLC Retirement Boost solution alongside TAL and Challenger in July, last year, and this week announced that the product had surprised $500 million within two months of its gradual rollout.

AMP announced the introduction of its Lifetime Solution available on the North platform in 2022 and followed that up with its retirement income boost for AMP Super Lifetime members last year.

Noting the CFS announcement, AMP chief executive, Blair Vernon said the firm welcomed the increasing competition but claimed AMP had led the market with respect to retirement income solutions.

“While no other provider offers the range of solutions we do, we are pleased to see others following our lead. Our industry needed to step up to help Australians be confident about their retirement,” Vernon said.