Platform provider Hub24 has teamed up with life insurer TAL to develop a lifetime retirement income solution that is expected to be available on its platform in the first half of 2026.
Hub24 explained the lifetime income solution would help advisers provide their clients with greater confidence and security throughout their post-work years by addressing one of their biggest concerns – the risk of outliving their retirement savings.
This sentiment was reflected by recent UniSuper research, which found 68 per cent of Australians are afraid of running out of money in retirement. Further, Hub24’s own analysis showed 52 per cent of pension members are only withdrawing the legislated minimum pension amount in an effort to manage their longevity risk.
The new solution announced today is designed to allay some of these concerns by providing an income for life.
“As a market leader, Hub24 has an important role to play in delivering solutions that enable financial advisers to support their clients through all the stages of their life, including planning for a fulfilling and secure retirement,” Hub24 chief executive Andrew Alcock said.
“We’re delighted to be collaborating with TAL to deliver our innovative retirement income stream solution, providing more choice for advisers and their clients.”
The new solution is aimed at optimising outcomes for individuals if they transition from a lifetime super account to a lifetime income account when they retire. Hub24 also pointed out it could improve eligibility for means-tested age pension concessions depending on how early somebody adopts the solution.
“We believe lifetime income solutions can play a fundamental role in helping more Australians achieve confidence in their retirement. We are excited to be working with Hub24 and the advisers using their platform to provide clear and accessible retirement options for their clients,” TAL group life and retirement chief executive Jenny Oliver acknowledged.
Hub24 also recently launched a platform and managed portfolio solution for clients with lower balances or less complex needs, called Discover, and Private Invest, which provides access to wholesale investment solutions for high net worth clients.
