The launch responds to growing adviser demand for access to Allianz Guaranteed Income for Life (AGILE) beyond the existing platform-based offering. AGILE Super+ allows clients to invest directly using superannuation money, without requiring a platform, opening the product to a substantially broader adviser and client market.
The new pathway complements existing AGILE investment channels available through platforms, trusts and self-managed super funds (SMSFs) for superannuation money, or direct with non-superannuation money.
Commenting on the launch, Chief Distribution and Marketing Officers Catherine van der Veen and Lucy Foster, said:
"Demand for AGILE is up approximately 40% on this time a year ago, with levels of interest and inquiry increasing significantly as the market’s understanding of AGILE and similar products develops.
There is no doubt that this segment of the market is a game changer for retirees – especially in a time of volatile markets – and that is becoming much more clearly understood and accepted by advisers.
The introduction of AGILE Super+ is fundamentally an access and advice story. We're enabling a broader range of advisers to incorporate guaranteed lifetime income solutions into retirement strategies, regardless of the platform they use."
Broadening access
AGILE Super+ has been designed for individuals aged 50 to 80 who are planning for, or already in, retirement and wish to invest using superannuation money.
Unlike traditional platform-based implementation, clients can rollover superannuation directly into AGILE Super+, providing advisers with a simple and efficient way to access Allianz Retire+'s guaranteed lifetime income solution for their clients.
Importantly, AGILE Super+ can accept superannuation investments before a client has met a Relevant Condition of Release, allowing advisers and clients to plan ahead and establish a future guaranteed lifetime income strategy earlier in the retirement journey.
While there are some differences in features, the solution maintains the core AGILE proposition advisers are familiar with, including:
- Investment growth potential with a safety net
- Guaranteed income for life that never stops or drops once commenced
- Flexible access to your money in accordance with product terms
Supporting Age Pension outcomes
- A key feature of AGILE Super+ is the automatic inclusion of the Age Pension+ feature upon meeting a Relevant Condition of Release.
- As an innovative lifetime income stream, AGILE Super+ may assist eligible retirees in optimising Age Pension entitlements through favourable assets test treatment, while continuing to benefit from a guaranteed income stream for life.
- The automatic application of Age Pension+ distinguishes AGILE Super+ from AGILE, where the feature is elective.
- For eligible clients, this combination of guaranteed lifetime income and potential Age Pension benefits can help improve overall retirement income sustainability*.
Helping advisers create retirement income confidence
One of the biggest challenges facing retirees is the fear of running out of money. As a result, many retirees spend less than they can afford, despite having accumulated significant retirement savings.
AGILE Super+ provides advisers with another way to help clients create what Allianz Retire+ describes as "income bandwidth" by allocating a portion of retirement savings to a future guaranteed income stream while maintaining flexibility across the remainder of their portfolio.
For example, advisers may choose to allocate a portion of a client's retirement savings today, creating a future guaranteed income stream that has the opportunity to grow over time before being activated later in retirement. As the client's broader portfolio evolves through investment returns and ongoing contributions, AGILE can represent a relatively smaller proportion of total assets while potentially contributing a disproportionately larger level of guaranteed income when switched on.
This layered retirement income approach can help clients feel more confident about spending and enjoying their retirement, knowing part of their future income is secure regardless of market conditions.
Chief Distribution and Marketing Officers Catherine van der Veen and Lucy Foster said:
"Guaranteed lifetime income is not just about securing income. It's about providing retirees with the confidence to use the savings they've worked so hard to accumulate.
By creating certainty around future income, advisers can help clients make more informed spending decisions and approach retirement with greater peace of mind."
The launch of AGILE Super+ reflects Allianz Retire+'s commitment to making guaranteed lifetime income solutions more accessible to Australian financial advisers and their clients.
By providing an additional implementation pathway alongside existing platform, trust and SMSF options for superannuation money, AGILE Super+ enables a broader range of advisers to access Allianz Retire+'s guaranteed lifetime income solution and incorporate it into retirement income strategies for eligible clients.
As demand grows for solutions that help address longevity risk and provide greater retirement income certainty, AGILE Super+ supports advisers with increased flexibility in how they implement lifetime income strategies.