As Australia prepares for a wave of retirees, providers such as AMP have been focused on how to better support them through the transition and into retirement, particularly as the adviser shortage continues to be a challenge.
In response to this, AMP has launched a “market-first retirement package” for its super members that brings together three core components.
At the centre, the firm explained, is the AMP Lifetime Retirement Income with the purpose of giving members the confidence to spend in retirement knowing their income will last through their life.
Then there is extra income for home care which allows them to access to 20 per cent boost to their lifetime income for two years when they become eligible for high-level in-home care to help cover additional costs during this period.
Finally, AMP is also offering a new digital advice journey aimed at helping them understand and compare strategies while also receiving personalised recommendations.
AMP director of growth and customer solutions Julie Slapp said one of the biggest challenges in Australia’s super and retirement system is a lack of confidence in the longevity of their finances, something the new package is designed to tackle.
“We know that too many Australians remain uncertain about retirement – whether they have enough savings, how long it will last, and how to make the right decisions.
“This offering provides the confidence of income for life, the potential for higher income, and the guidance members need to make informed decisions.
“Super was never meant to be just a balance on a screen. It was designed to deliver income, security and choice in retirement. Our focus is helping members feel confident spending their super and enjoying the years ahead, knowing they have support in place.”
AMP has been digging deep on its retirement focus of late and, by extension, its relationship with advisers.
Less than a month ago, AMP’s North launched its Retirement Philosophy framework which was designed to help advisers understand and manage the risks clients face when transitioning into retirement using six key principles.
