AMP’s market-first retirement solution, MyNorth Lifetime, has won two awards at last night’s annual Plan For Life (PFL) Longevity Cover Excellence Awards, held at the Museum of Contemporary Art in Sydney.

MyNorth Lifetime won the Innovation award for longevity cover and MyNorth Deferred Lifetime Income won best Deferred Lifetime Investment Linked cover.

Launched earlier this month and available through the North platform, MyNorth Lifetime provides high levels of income for life and is the first lifetime income stream that can be opened before retirement. It also increases likely eligibility for age pension with at least a 40 per cent discount on Centrelink assets test.

PFL’s Longevity Cover Awards identify market excellence and best practice by providers of longevity cover, including product offers that are specifically designed to meet some part of retiree longevity risk. PFL conducts an independent, objective and transparent research process, providing industry participants an insight into best practice and a benchmark to compare performance.

AMP Director of Platforms Edwina Maloney, said:

“These two Plan for Life awards are recognition for North’s team of retirement experts, led by Ben Hillier, who have developed a game-changing solution for retirees and advisers.

“The Lifetime Income account provides retirees with greater confidence to spend their retirement savings and live life to the full.

“It offers un-matched levels of flexibility in a lifetime income solution, with the ability for customers and their advisers to invest across a broad range of investments.

“Helping Australians retire with greater financial confidence is an ongoing strategic priority, and North will continue to innovate and develop market leading solutions.”