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29 November 2023 

Allianz Retire+ enhances pioneering retirement income solution

  • New enhancements are designed to deliver greater options for retirees.
  • Age Pension+ option gives higher potential age pension eligibility due to reduced treatment for Age Pension assets test.
  • Spouse Insured option allows income for life to be paid until the later death of the life insured or their spouse.

Sydney, Australia (29 November 2023), Allianz Retire+ has today announced enhancements to its industry first longevity solution Allianz Guaranteed Income for Life (AGILE) launched in March this year.

The retirement income solution has been in the market for over eight months and has received a positive response from both the advice and superfund industry.

The new enhancements have been added to optimise AGILE, following industry feedback and calls from the Government to deliver more flexible retirement income options to Australians. The updates include:

  • Age Pension+ option – delivering higher potential age pension eligibility due to reduced treatment for Age Pension assets test. The death and withdrawal benefit available for this option is limited.
  • Spouse Insured option – this feature allows income for life to continue to be paid to the investor until the later death of the life insured or their spouse.

“We are really excited to bring these new enhancements to the market. After consultation with the advice and trustee community we know a key issue for some clients when planning for retirement is assessing eligibility for the pension. Which is why we are proud to deliver the Age Pension+ option where an adviser or retiree can have maximum flexibility to choose if they want to access higher potential age pension eligibility within a single product – an industry first.

The other big issue during retirement is understanding if income will be paid for the life of a surviving spouse in the event of death. We have enhanced our offering to provide a choice for both of these circumstances to deliver greater certainty of income and flexibility for advisers and their clients. We are committed to continually refining and updating our solutions to meet the demands of Australian retirees,” said Chief Product and Marketing Officer, Simon Aboud.

AGILE is a next generation retirement solution that delivers a guaranteed income for life, provides full advice platform integration opportunities and can be embedded within superannuation funds and account-based pensions. The solution also enables advisers to construct retirement strategies with certainty, years in advance of a client’s retirement.

    -ENDS-

     

    Media contact:

    Allianz Retire+

    Amy Boyce

    P: 0449 553 990

    E: Media@allianzretireplus.com.au

     

     

    About Allianz Retire

    Allianz Retire+ delivers the next generation of retirement income solutions to the Australian market. Our financial product solutions are designed to simplify the complex financial and emotional challenges that can confront people who are heading into retirement. Allianz Retire+ is a world-first Australian venture combining the scale and expertise of international insurance provider Allianz and global investment expert PIMCO.

    Disclaimer

    This material is issued by Allianz Australia Life Insurance Limited, ABN 27 076 033 782, AFSL 296559. Allianz Retire+ is a registered business name of Allianz Australia Life Insurance Limited.  This material has been prepared by Allianz Retire+ for general information purposes only. It is not comprehensive or intended to give financial product advice. Any general advice provided in this material does not take into account your objectives, financial situation or needs. Before acting on anything contained in this material, you should speak to your financial adviser and consider the appropriateness of the information received, having regard to your objectives, financial situation or needs. No person should rely on the content of this material or act on the basis of anything stated herein. Allianz Retire+ and its related entities, agents or employees do not accept any liability for any loss arising whether directly or indirectly from any use of this material. Use of the word ‘guarantee’ in this material refers to an assurance that certain conditions or contractual promises will be fulfilled by Allianz Retire+ from the available assets of its Statutory Fund No 2, in relation to the product terms. This includes ‘guaranteed’ income payments in the Lifetime Income Phase which will be paid from the available assets of Statutory Fund No 2, noting that Allianz Retire+ may terminate the product in certain limited circumstances as outlined in the Product Disclosure Statement referred below. Allianz Australia Life Insurance Limited is the issuer of Allianz Guaranteed Income for Life (AGILE). Prior to making an investment decision, investors should consider the relevant Product Disclosure Statement (PDS) and Target Market Determination (TMD) which are available on our website (www.allianzretireplus.com.au). PIMCO provides investment management and other support services to Allianz Retire+ but is not responsible for the performance of any Allianz Retire+ product, or any other product or service promoted or supplied by Allianz. Use of the POWERED BY PIMCO trademark, or any other use of the PIMCO name, is not a recommendation of any particular security, strategy or investment product.