Financial technology and solutions provider HUB24 has announced plans to launch a new lifetime retirement solution in conjunction with Australian life insurer TAL, expanding its suite of retirement offerings for financial advisers.
TAL and HUB24 claim that the solution will enable “advisers to deliver their clients greater financial confidence and security throughout retirement”, adding that the intended goal of the platform is to help address one of the most pressing issues facing clients: people out living their retirement savings.
Data from other financial institutions such as AMP highlighted that “too many feel financially insecure about life after work – an issue that needs to be front and centre for policymakers and the superannuation industry”, according to AMP chief executive Alexis George.
Recent research shows that 68 per cent of Australians fear running out of retirement savings, leading many to restrict their spending and compromise their lifestyle. HUB24’s own data suggests that 52 per cent of pension members are only withdrawing the legislated minimum pension amount to manage their longevity risk.
This lack of confidence is what HUB24 and TAL are claiming they are attempting to achieve with this new solution.
According to HUB24, the lifetime retirement solution is designed to optimise a member’s outcome if they transition from a lifetime super account to a lifetime income account when they retire, providing income for life.
“It may also help maximise eligibility for means-tested age pension concessions, with greater benefits for those who adopt the solution earlier,” the company said.
“As a market-leader, HUB24 has an important role to play in delivering solutions that enable financial advisers to support their clients through all the stages of their life, including planning for a fulfilling and secure retirement,” said HUB24 CEO Andrew Alcock.
He added: “We’re delighted to be collaborating with TAL to deliver our Innovative Retirement Income Stream solution, providing more choice for advisers and their clients.”
TAL Chief executive, group life and retirement, Jenny Oliver, echoed Alcock’s sentiments.
“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,” Oliver said.
The development of the new retirement solution builds on HUB24’s launch of Discover – a platform and managed portfolio solution designed for clients with lower balances or less complex needs – and Private Invest, which provides advised high-net worth clients with access to wholesale investment solutions and non-custody administration via the HUB24 platform.
The solution is expected to launch in the first half of 2026.
