AMP has launched a new retirement income package aimed at helping superannuation members convert their retirement savings into lifetime income, while providing additional support for aged care needs and financial decision-making.
Available to all AMP Super members, the package combines a lifetime income solution, home care income support and a digital financial advice journey in what AMP described as a market-first offering.
The initiative comes amid growing concerns about retirement readiness and aged care affordability among older Australians.
According to AMP-commissioned research, 54 per cent of Australians aged 58 to 60 and 50 per cent of those aged 61 to 65 said they “often feel stressed or overwhelmed” when thinking about their finances.
Separate AMP research found seven in 10 Australians over the age of 65 worry about the cost of aged care.
The new package centres on AMP Lifetime Retirement Income, which is designed to provide members with income for life while maintaining flexibility.
AMP said members using the solution are expected to spend an average of 60 per cent more in retirement than those who do not use it.
As part of the offering, members who become eligible for high-level in-home care can receive a 20 per cent increase to their lifetime income for two years, helping them manage additional costs during periods of care and transition. AMP noted the feature is available to members requiring level five or above in-home care.
The package also includes a tailored digital advice experience that allows members to model retirement income outcomes, compare strategies and receive personalised recommendations.
Julie Slapp, growth and customer solutions director at AMP, said the package represented a further step in helping members retire with confidence.
“Australia has built one of the world’s strongest super systems. The unmet challenge is helping members confidently turn their super into income they actually use.
“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 said the solution works by creating a concessional balance that uses the government deeming rate rather than the actual investment return of the member’s super account.
When members move part of their savings into the lifetime income product at retirement, Centrelink may assess that lower concessional balance for Age Pension purposes, potentially increasing pension eligibility and overall retirement income.
The launch builds on AMP’s previous retirement income initiatives, including MyNorth Lifetime, introduced in 2022, and Lifetime Super Boost, which was launched for AMP Super members in June last year.
