Retirement
AMP’s MyNorth Lifetime boosts financial security and retirement income
Retirement
AMP’s MyNorth Lifetime boosts financial security and retirement income
AMP has reported that its MyNorth Lifetime retirement income solution is delivering significant financial benefits to retirees, with an average uplift of 50% in total income.
AMP’s MyNorth Lifetime boosts financial security and retirement income
AMP has reported that its MyNorth Lifetime retirement income solution is delivering significant financial benefits to retirees, with an average uplift of 50% in total income.
According to AMP, MyNorth Lifetime has enabled members to increase their retirement spending by an average of $8,000 per year, while also maximising their Age Pension entitlements. Nine in ten members have seen an uplift in social security benefits, with some experiencing a 100% increase under the Assets Test.
Enhancing financial confidence in retirement
Analysis of over 1,500 customer accounts revealed that MyNorth Lifetime users are benefiting from higher levels of retirement income through a market-linked lifetime income stream. This has allowed many members to retire earlier and access greater financial security.
Ben Hillier, AMP Director of Retirement, highlighted the positive impact of the program.
“With the benefit of face-to-face advice and a rich solution that provides a higher income for life, we’re helping more Australians get the most out of retirement. That’s already translating into some really pleasing outcomes, with the majority of older Australians spending more and retiring earlier,” he said.
Addressing concerns about retirement savings
Recent findings from the Grattan Institute and Federal Treasury indicate that many retirees are not drawing down their superannuation at sustainable rates due to concerns about outliving their savings. Treasury data shows that more than half of Australian retirees withdraw only the statutory minimum from their super.
Despite rising superannuation balances—averaging over $200,000 for singles and $300,000 for couples—many retirees leave up to 65% of their super unspent by the end of their lives.
AMP’s MyNorth Lifetime aims to address these concerns by combining the flexibility of an account-based pension with the security of annuities, ensuring members can optimise their income throughout retirement.
Industry recognition and future innovation
Since its launch in 2022, MyNorth Lifetime has gained significant traction, with over $505 million invested through more than 1,500 new members. Around 70% of these members are new to AMP’s platform.
The solution has been recognised for its innovation, winning the **Chant West Lifetime Product Best Fund Award in 2024** and the **Chant West Innovation Best Fund Award in 2023**.
Edwina Maloney, AMP Group Executive, Platforms, said the response from advisers and members has been overwhelmingly positive.
“We know our members value both financial freedom and security in retirement, without having to compromise on their lifestyle choices,” she said.
“As a world-class solution, MyNorth Lifetime is solving the unique challenges that Australians face as they transition into retirement while ensuring they can optimise their Age Pension entitlements.”
AMP said it remains committed to further developing MyNorth Lifetime to provide Australians with greater financial confidence and wellbeing in retirement.
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