TAL and superannuation fund AustralianSuper have teamed up to roll out a retirement income product, “income for life”.
The move deepens the ongoing relationship between the two entities, transitioning from offering member protection during employment to now focusing on financial stability in retirement.
According to AustralianSuper chief retirement officer Shawn Blackmore, the new product addresses the financial needs and preferences of the company’s diverse membership base.
“This is a major step forward for AustralianSuper and one that will go a long way in helping members to have the confidence to plan for and enjoy their retirement,” Blackmore said. “Retirement is deeply personal. There is no one size fits all, so it’s important that we are able to provide products, advice, and services to meet members’ individual needs.
“For some, that means drawing down a regular income stream from their superannuation savings while also maximising the benefits of the Aged Pension. For others, it is providing the comfort that no matter what their retirement journey they have the certainty of an income for life through a longevity product. While for others it may be something else entirely.”
A critical aspect of AustralianSuper’s Retirement Income Strategy is the identification of members who stand to gain from integrating the lifetime income option with their existing retirement income sources.
The history of collaboration between TAL and AustralianSuper dates back to 2009 and encompasses insurance coverage for approximately 1.4 million fund members.
Jenny Oliver (pictured), chief executive of group life and retirement at TAL, expressed enthusiasm about expanding their service spectrum.
“Our role is to protect members throughout their lives,” she said. “We have 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 solution and provide protection to these members in their retirement, so they can enjoy these years with confidence and dignity. 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.”
The income for life retirement option is set to be launched in early 2025.
“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,” Oliver said.
Last month, TAL released a study that shed light on Australians’ evolving perceptions regarding the relationship between financial health and overall wellbeing.
