Allianz Retire+ has announced a reshuffle of its retirement advisory board.
It would welcome three new members -former chief executive of MLC and Perpetual Geoff Lloyd; former chief executive of UniSuper, Kevin O’Sullivan and former chief executive 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.
Lloyd said: “Having served as the CEO of MLC, one of the most rewarding experiences was assisting more than a million MLC Wealth clients in preparing for and enjoying their retirement which is why aligning with a business solely focused on retirement was extremely attractive.
“By leveraging the scale of both Allianz life insurance and PIMCO, Allianz Retire+ offers a unique blend of global resources with deep local experience. I look forward to contributing my expertise to Allianz Retire+ and helping more Australians achieve financial security in their retirement.”
Earlier this year, Lloyd also joined online investing platform Stake as chair and was also chair of DASH Technology Group. He had also been chair of the Financial Services Council from 2016-2020.
Davison had 30 years’ experience in investment and superannuation including as regional managing director, Australia and New Zealand, at Colonial First State Global Asset Management.
Davison said, “The universal problem for Australians preparing for and during retirement is the fear of running out of money. I am deeply committed to helping Australians achieve a comfortable retirement, which is why I am pleased to contribute my knowledge and expertise in supporting the development of innovative solutions that tackle longevity risk and enable more Australians to enjoy a dignified retirement.”
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.”
Currently, Allianz Group had a presence in over 70 countries and serves 126 million retail and corporate clients.
