TAL is developing a lifetime income product for retirees with investment platform firm HUB24.
HUB24 CEO Andrew Alcock said 68% of Australians worry about running out of retirement savings, leading many to curb their spending and compromise their lifestyle.
He said the product is being designed to provide retirees with an “income for life” by investing their super funds into a lifetime income account when they retire.
TAL CEO, Group Life & Retirement, Jenny Oliver, said: “We believe lifetime income solutions can play a fundamental role in helping more Australians achieve confidence in their retirement.
“We are excited to be working with HUB24 and the advisers using their platform to provide clear and accessible retirement options for their clients.”
The lifetime income product is expected to launch in the first half of next year.
I wish TAL all the best with this new product line. Lord knows, a good and innovative product in this space is sorely needed. I do hope it has two attributes: simplicity AND low fees. If it doesn't have both it will stay on the shelf with all the other over complicated, bloated and high cost "income for life" type of products. Don't need more of those, need simple and low fee. That could be TAL's competitive edge if they're smart about it.
I wont hold my breath !
I wonder if this will be anything like AMP North's lifetime product. If yes, that could blow a huge hole in their unique value proposition.
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