Insignia Financial-brand MLC has partnered with TAL and Challenger to launch an income solution called MLC Retirement Boost and a centre of excellence to support it.
MLC Retirement Boost will be available on the MLC Expand platform for advisers to use with their superannuation clients from August. It is designed to enable clients to boost their income during retirement due to the concessional treatment of innovative lifetime income streams.
The centre of excellence will offer distribution specialists, digital advice member journeys and modelling tools, including a new Retirement Boost Optimiser feature that considers a client’s superannuation, retirement and age pension to calculate the best retirement income available to them.
Challenger will deliver the retirement expertise and distribution capability to bring MLC Retirement Boost to market scale.
“MLC Retirement Boost will give Australians more personalisation and flexibility in their retirement planning, increase the potential of super for more people and potentially create higher retirement income, from their first super contribution,” Insignia Financial chief executive Scott Hartley explained.
“This innovative partnership combines the expertise of MLC, as one of the oldest and largest pension payers in Australia, with TAL as a leading life insurer and Challenger as the largest annuity provider.”
Challenger chief executive Nick Hamilton noted the company’s extensive experience in the retirement income space means they are uniquely positioned to help build the new product.
“This is a pivotal moment in Australia as retirement income moves from the sidelines into the mainstream. Backed by 40 years’ experience in retirement innovation, investment management and distribution, we’re proud to help lead this shift, through partnerships like this, that will enable more Australians to have financial security in retirement,” Hamilton said.
TAL group chief executive Fiona Macgregor expressed her excitement at extending the firm’s partnership with MLC.
“This partnership reflects our commitment to supporting Australians through every life stage,” Macgregor noted.
“As millions of Australians prepare for life after work, TAL is proud to partner on solutions that deliver better outcomes for retirees.
“Together, we’re focused on making retirement more secure and easier to navigate.”
