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Leaner AMP hones retirement offering as Australia greys

Leaner AMP hones retirement offering as Australia greys

Perth Now11 hours ago
AMP has finished slimming down and now looks to start growing, sensing great opportunity in helping Australia's ageing population to navigate retirement.
A hybrid retirement solution combining annuities with account-based pensions is among products showcased by the financial services company at an investor presentation on Monday.
AMP has sold off its infrastructure equity and real estate businesses over the past few years and now plans to "think like a challenger brand" and lead the way in retirement planning, CEO Alexis George said.
"Why do I think this is the right place for us to position? Well, I think the data speaks for itself," she said.
An estimated one-third of Australia's population will be retirees by the year 2061, up from one-quarter a few years ago. Over the next six years, $750 billion in assets will move into the retirement phase.
"This is a huge opportunity for us to really grow," Ms George said.
Half of all Australians worry they won't have enough money to retire and 75 per cent worry about running out of money, yet most end up dying with the bulk of their wealth left unspent.
"That means they're giving their dependents the retirement they could have had, and surely they want to change that," she said.
AMP's director of retirement Ben Hillier said the company in May introduced a "lifetime super" offering that combines the market-based investment benefit of account-based pensions with the lifetime income security of traditional annuities.
It is designed to be available without a financial adviser and pools assets to overcome "longevity risk", the danger a retiree will outlive their assets. Retirees who die earlier than average surrender some of their asset value into the pool.
The company in 2024 launched AMP Citro, a rewards platform and app for older Australians.
AMP achieved the first quarter of positive net cashflows for its superannuation and investment business since the company's reputation took a battering at the financial services royal commission eight years ago, taking in $33 million for the June quarter compared to a $99 million outflow a year ago.
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