North’s multi-award winning retirement solution, MyNorth Lifetime, is continuing to gain momentum with advisers by helping more Australians retire with greater comfort and financial confidence.

Around one in two (50 per cent) of Australian advisers are now authorised to write MyNorth Lifetime under their approved product lists (APLs) and Lifetime accounts have been written by advisers operating under more than 30 different licensees. 

The number of advisers using MyNorth Lifetime continues to grow strongly, with around 20 new advisers per month currently joining those advisers already using these solutions for their clients.

For Australians taking advantage of MyNorth Lifetime in their portfolios, AMP data shows their retirement income has increased by approximately 50 per cent on average.  

With the growing cost of living coupled with longer life expectancies, MyNorth Lifetime is helping advisers provide their clients with a higher income for life, ensuring more Australians can maximise their retirement savings with the certainty of a lifetime cashflow that never runs out.  

MyNorth Lifetime, a market-first retirement solution, took out the Best Fund Innovation Of The Year at the Chant West 2023 Super Fund Awards and was also awarded Canstar’s Innovation Excellence Award in April. In October last year, it won two Plan For Life (PFL) awards at their Longevity Cover Excellence Awards.

Increasing retirement income

Launched late last year, MyNorth Lifetime offers retirees high levels of lifetime income and is designed to help Australians make the most of their retirement savings.

The 50 per cent improvements in retirement income levels are due to a combination of three factors:

1. MyNorth Lifetime pays income rates that are substantially higher than typical account-based pension drawing rates, and on average, advisers are allocating 50% of clients’ retirement portfolios into MyNorth Lifetime.
2. Members are confidently drawing higher incomes from their remaining account-based pensions – previously the majority of these members were drawing the minimum, and now the majority are drawing above the minimum.
3. Most Lifetime members are enjoying greater eligibility for the age pension due to the discounted asset test treatment.

MyNorth Lifetime can also be opened pre-retirement and is the only accumulation solution on the market which allows members to accumulate concessions to increase their age pension eligibility in retirement. This option is proving to be particularly attractive to advisers, with 65% of Lifetime accounts being opened by pre-retirees.

APL traction underlines adviser sentiment

Approved product lists include leading superannuation and investment products that are commonly used by licensees to determine suitable products for clients and can offer additional consumer protections due to the plethora of products available on the market.

Developed by North’s team of retirement experts in close consultation with advisers, MyNorth Lifetime is now available on most of the major APLs across Australia in just over seven months since launching and is gaining a strong uptake with those transitioning to retirement.

According to AMP data, MyNorth Lifetime is proving to be effective at attracting new customers as 70% of product holders are new clients to the North platform. 

More information on MyNorth Lifetime is available here:  

Edwina Maloney, AMP’s Director of Platforms, said: 

“MyNorth Lifetime continues to deliver on its promise as a market leader for retirement income security and capital preservation for thousands of Australians. 

“As a highly innovative retirement solution, MyNorth Lifetime is the only pension account on the market which allows members to continue making contributions in a tax-free earnings environment while deferring income.

“In a short amount of time, it has grown to be on the majority of the major APLs and is really popular with our aligned advice network because of the comfort and security that it provides for retirees, pre-retirees and those transitioning into retirement.”

Ben Hillier, AMP’s General Manager, Retirement Solutions, said: 

“Having launched in October last year, we are pleased to see MyNorth Lifetime recognised for paving a new way forward for innovation in retirement, an area of significant importance to the wellbeing of all Australians with unique financial challenges and needs. 

“With thousands of advisers now able to write MyNorth Lifetime under their APLs, we’re proud that more Australians can get access to high rates of lifetime income married with the full investment choice from North’s Super and Pension Menus.

“We will continue to invest in MyNorth Lifetime, working closely with our advisers to evolve the offering with their feedback and expand the range in the coming months.”