The newly formed collaboration will see MLC leverage distribution specialists, sophisticated modelling programs, and digital advice journeys to assist clients in optimising their retirement income. A substantial contribution from Challenger will ensure that this tool has the distribution capacity to meet demands at a market scale.
This innovative tool is designed to enhance Australians’ retirement income by utilising concessional treatments of lifetime income streams, thereby boosting potential income during post-work years.
Scott Hartley, CEO of Insignia Financial, commented on the evolving landscape of retirement planning, acknowledging that traditional approaches to superannuation—focused separately on accumulation and decumulation phases—do not align with contemporary retirement perspectives. Hartley highlighted that the newly unveiled MLC Retirement Boost seeks to provide greater personalisation and flexibility, allowing individuals to maximise their super's potential from the outset.
The partnership brings together the expertise of renowned entities in the life insurance and superannuation sectors, providing a robust foundation for launching personalised retirement income strategies. Over the next 12 to 18 months, MLC plans to further enhance these offerings, ensuring financial advisers can deliver tailored solutions to clients.
Fiona Macgregor, CEO and Managing Director of TAL Group, expressed pride in contributing to solutions that promise improved retirement outcomes. She underscored the insurer's commitment to partnerships that elevate retirees’ financial well-being.
Advisers will have access to this tool via the MLC Expand platform starting in August, equipping them to better serve superannuation clients with innovative, customised financial strategies.
