Allianz Retire+ has announced a reshuffle of its retirement advisory board.
It would welcome three new members: former chief executive of UniSuper, Kevin O’Sullivan; industry stalwart, Geoff Lloyd; and former CEO of Fund Executives Association Ltd (FEAL), Joanna Davison.
They would join existing board members Allianz Retire+ director, Sally Evans, and leading superannuation expert, David Coogan.
Meanwhile, Nicolette Rubinsztein, a former director of the Association of Superannuation Funds of Australia (ASFA), would step down following the completion of her two-year cycle as a member.
The retirement advisory board is chaired by Fintan Thornton, with the next meeting pencilled in for July 2023.
According to Thornton, who is head of institutional solutions at Allianz Retire+, the new appointments would bring a “great depth of expertise” to the board.
Adrian Stewart, Allianz Australia Life Insurance CEO, added: “We are committed to solving the issues facing retirees, superfunds, and advisers. The purpose of establishing the advisory board was to engage with some of the most respected industry leaders and listen to their perspective of the challenges facing retirees and the industry.
“With the Retirement Income Covenant (RIC) taking effect in July 2022 and regulators calling for life companies to step up to the plate, the time is now for a global firm like Allianz to take the lead in delivering the next generation of retirement income solutions to Australians.”
According to former UniSuper lead O’Sullivan, the implementation of the RIC marked a time of great structural shift within the country’s superannuation sector.
“We know that retirement is a top agenda item for government. The RIC has ensured that super funds focus on retirement solutions, but it will require industry collaboration to implement the changes needed,” he said.
“In my view, life insurers have an important role in guaranteeing income for life, to deliver certainty for Australians, many of whom are too afraid to spend their hard-earned money. I’m pleased to be able to share my learnings from leading one of Australia’s most awarded industry funds to identify how retirement income specialists like Allianz Retire+ can work with super funds to deliver valuable solutions for retirees.”
Currently, Allianz Group has a presence in over 70 countries and serves 126 million retail and corporate clients.