Allianz Retire+ launches “new breed of retirement solutions”
Allianz Retire+ has launched a new product that aims to do what all retirement products ultimately seek: deliver growth of retirement savings while protecting against investment market volatility.
Allianz Retire+ said its Future Safe product would achieve this by focusing on the point of view of the client, rather than being based on a top-down maths equation. It would offer a choice of fixed rate, market-linked investment and protection options, with customers able to choose a ‘cap’ and a ‘floor’ for their range of returns and losses.
The product launch came after market research by Allianz Retire+ into what advisers and retirees view as key retirement income challenges.
“We discovered one of the biggest worries for about a third of households is maintaining their existing lifestyle. A third of households expected that in retirement they would only be able to afford the essentials. This is unacceptable,” Allianz Retire+ chief executive, Matt Rady, said.
“The finance industry has an inherent focus on accumulation and compounding wealth. Our launch … says that it is time to shift the focus to those entering the ‘decumulation’ phase of their life.
“The thinking and design and effort behind the product solution we announce today truly seeks to balance out the natural worries of people in retirement.”
Recommended for you
With just 30 per cent of Australians knowing their superannuation balance to the nearest $1,000, Findex has emphasised the role of financial advice in addressing the critical super knowledge gap.
Underestimating the cost of insurance by almost $75,000 in a Statement of Advice is among multiple reasons that a relevant provider has faced action from the FSCP.
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
