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.
Retirement Planning
Rest launches Retire Ready digital experience to empower members approaching retirement
Rest, one of Australia’s largest profit-to-member superannuation funds, has unveiled a new digital experience aimed at making retirement preparation simpler and more personalised for its members. Read more
Retirement Planning
New Framework Aims to Bridge Australia’s Financial Advice Gap
A ground-breaking framework introduced by the Actuaries Institute promises to revolutionise how Australians access financial support, potentially transforming the financial wellbeing of millionsRead more
Retirement Planning
The downsizer dividend: how Australia’s ageing shift will reshape property, finance and AI strategy
Downsizing is moving from a personal milestone to a system-level lever for Australia’s housing market. As policymakers court reforms and agents eye fresh listings, the real profit pools will accrue to ...Read more
Retirement Planning
Half of Australians financially insecure about retirement as AMP launches new initiative
In a significant move aimed at addressing the retirement concerns of Australians, AMP has unveiled the Retirement Confidence Pulse, a national barometer designed to gauge the financial confidence of ...Read more
Retirement Planning
North introduces Grow to expand Australia's financial advice footprint
In a bid to bridge the gap between the demand for financial advice and its accessibility, North, a prominent platform for superannuation and retirement in Australia, has launched an innovative ...Read more
Retirement Planning
Majority of Australians anxious about retirement as super knowledge gaps persist, report finds
A new study by Aware Super has revealed that a significant majority of Australians aged 45 and over are feeling anxious about retirement, with nearly nine in ten respondents concerned they will run ...Read more
Retirement Planning
Retirement living sector calls for planning reforms amid declining construction confidence
The Retirement Living Council (RLC) is urging governments to streamline planning systems to boost housing supply, following a decline in confidence in age-friendly construction activity. Read more
Retirement Planning
New laws to boost women's retirement savings through paid parental leave
The Australian Parliament has passed new legislation that will see superannuation guarantee contributions paid on the Commonwealth Government's Paid Parental Leave (PPL) scheme. Read more
Retirement Planning
Rest launches Retire Ready digital experience to empower members approaching retirement
Rest, one of Australia’s largest profit-to-member superannuation funds, has unveiled a new digital experience aimed at making retirement preparation simpler and more personalised for its members. Read more
Retirement Planning
New Framework Aims to Bridge Australia’s Financial Advice Gap
A ground-breaking framework introduced by the Actuaries Institute promises to revolutionise how Australians access financial support, potentially transforming the financial wellbeing of millionsRead more
Retirement Planning
The downsizer dividend: how Australia’s ageing shift will reshape property, finance and AI strategy
Downsizing is moving from a personal milestone to a system-level lever for Australia’s housing market. As policymakers court reforms and agents eye fresh listings, the real profit pools will accrue to ...Read more
Retirement Planning
Half of Australians financially insecure about retirement as AMP launches new initiative
In a significant move aimed at addressing the retirement concerns of Australians, AMP has unveiled the Retirement Confidence Pulse, a national barometer designed to gauge the financial confidence of ...Read more
Retirement Planning
North introduces Grow to expand Australia's financial advice footprint
In a bid to bridge the gap between the demand for financial advice and its accessibility, North, a prominent platform for superannuation and retirement in Australia, has launched an innovative ...Read more
Retirement Planning
Majority of Australians anxious about retirement as super knowledge gaps persist, report finds
A new study by Aware Super has revealed that a significant majority of Australians aged 45 and over are feeling anxious about retirement, with nearly nine in ten respondents concerned they will run ...Read more
Retirement Planning
Retirement living sector calls for planning reforms amid declining construction confidence
The Retirement Living Council (RLC) is urging governments to streamline planning systems to boost housing supply, following a decline in confidence in age-friendly construction activity. Read more
Retirement Planning
New laws to boost women's retirement savings through paid parental leave
The Australian Parliament has passed new legislation that will see superannuation guarantee contributions paid on the Commonwealth Government's Paid Parental Leave (PPL) scheme. Read more
