Allianz Retire+ unveils Group Retirement Solutions capability

4 October 2023

Allianz Retire+ unveils Group Retirement Solutions capability

Enables superfunds to manage large cohorts of members as a group, similar to how Group Life is administered.
Group Retirement Solutions includes delivery of tailored products for members in partnership with superfunds.
Allianz Guaranteed Income for Life (AGILE) is a Group Retirement Solution, integration with Link Group enables scalable delivery.

Sydney, Australia (4 October 2023), Allianz Retire+ today announces its Group Retirement Solutions designed to support superfunds preparing to deliver large scale and multi decade solutions to their members.

The industry is experiencing a retirement revolution with Allianz Retire+ leading the charge by addressing innovation in guaranteed income for life solutions and full technology integration allowing superfunds to manage large cohorts of retirees as a group and individually.

In response to the evolving retirement income landscape and the increasing need for integrated solutions, Allianz Retire+ has built the capability for superfunds to allocate retirement income solutions to members at scale. AGILE as a Group Retirement Solution allows superfunds to offer a more comprehensive and streamlined retirement experience to their members and allocate to specific cohorts.

As a global insurer Allianz has the scale to deliver a guaranteed income for life addressing the biggest concern for Australian retirees living frugally in retirement due to fear of running out of money. Partnering with an established life company enables superfunds to tap into the global expertise of Allianz’s network of actuaries and product specialists to co-develop solutions for members who have delivered similar solutions in other more established markets, like the US.

Allianz Australia Life Insurance CEO, Adrian Stewart explains, “We are revolutionising the way people think about retirement solutions and its delivery, to meet the urgent need of retirees. We have developed Group Retirement Solutions and just as you would partner with a life company to provide life cover, superfunds can now partner with a life company to provide retirement solutions that can be managed at the group level.

We understand that delivering retirement income products at scale is a major challenge for superfunds, which is why we have built our product and technology capability to deliver bespoke solutions in partnership with superfunds. This includes proposed changes where superfunds may default members into retirement solutions at the point of retirement.

Superfunds can take advantage of our infrastructure to deliver a more integrated and comprehensive retirement experience for their members, ultimately helping them achieve greater financial security in retirement. Our strategic partnership with Link Group brings rapid integration into the existing pension account services, enabling members to engage with their retirement income strategy on their platform.

The industry is experiencing a retirement revolution and we are committed to partnering with superfunds to deliver tailored, multi decade solutions at scale for members.”

The announcement follows the Government’s adoption of the recommendations within the Quality of Advice Review (QAR) allowing superfunds to provide more retirement advice and information to their members.

Allianz Group is a global leader in the provision of retirement solutions. With over 30 years’ experience in the US retirement market, the group has a presence in over 70 countries and serves 126 million retail and corporate clients. Allianz has been offering customer-centric solutions for Australians since 1914.

-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.