Allianz Retire+ launches guaranteed retirement income product
Allianz Retire+ has launched a retirement income product offering guaranteed income for life.
Allianz Guarantee Income for Life (AGILE) would be available from March and offer full advice platform integration opportunities and enable advisers to construct retirement strategies with certainty.
Developed in association with advisers, superannuation funds and direct retiree feedback, it would offer the ability to lock in a guaranteed rate of income while clients were still in the accumulation phase (pre-retirement) or retirement income phase.
It would be able to be embedded within super funds and account-based pensions.
Clients would be able to withdraw their money at any time.
“Innovation in retirement products has consistently been deprioritised and surpassed by more urgent issues concerning the industry. That all changed in July last year, following the implementation of the RIC a bright line was clearly drawn by the government and APRA. The starting gun has been fired,” said Allianz Australia Life Insurance chief executive, Adrian Stewart.
“This process took considerable time, but we believe this product sets a new standard for the industry, for the first time a retirement product allows advisers to integrate retirement solutions into their current ecosystem that deliver outcomes with certainty for the entirety of their client’s life.”
The firm said the decision to launch the product followed feedback that retirees needed certainty of income, especially in volatile markets or market drawdowns.
Stewart said: “The time is now for advisers and retirees to consider anchoring their portfolios with a guaranteed income. The markets are highly volatile, inflation is rife and the income profile for retirees can be locked in now, market linking their asset base (up to a maximum return) with downside protection, until the income is turned on.”
AUTHOR
Laura Dew
Recommended for you
Trustee and fund administration platform MSC Group has promoted Shelley Brown as its chief operations officer, having successfully completed the integration of the Certane Corporate Trust business.
Australian Unity’s group managing director and chief executive has announced his plans to retire at the end of the year after two decades leading the company.
TAL has appointed a senior manager for investment strategy and portfolio management who joins from a lead role at AIA.
Global wealth management platform FNZ has appointed a new group head of APAC, while boutique investment manager TWC Invest welcomes a chief technology officer.
