HUB24 expands retirement options with TAL

HUB24 has launched a lifetime super solution with life insurer TAL, available through HUB24 Super.

The new offering meets the requirements of an Innovative Retirement Income Stream (IRIS) and provides access to concessional Centrelink treatment when used to purchase a lifetime pension account.

This adds to the current range of lifetime income solutions from other providers, including Allianz Guaranteed Income for Life (AGILE) and Challenger annuities.

HUB24 chief operating officer Craig Lawrenson said the new offering will allow advisers to deliver better outcomes for their clients.

"Choice and flexibility are fundamental to a trusted superannuation system, enabling advisers to deliver more personalised advice, strengthening engagement and outcomes, and driving ongoing innovation across the industry," Lawrenson said.

"Advisers need access to solutions that enhance productivity and simplify the delivery of complex advice.

"An example is HUB24's innovative multi-step transitions capability that enables advisers to execute complex strategies simultaneously, from account establishments to recontributions."

Meanwhile, TAL general manager of retirement and wealth Shaun Bransdon said TAL is pleased to be supporting the new solution.

"Australians who have started utilising innovative lifetime income solutions as part of their retirement income are already demonstrating more confidence in drawing down their retirement income at higher rates compared to those without lifetime income," Bransdon said.

Additionally, HUB24 is aiming to launch a lifetime pension account in the second half of 2027.

The announcement follows Colonial First State's expansion of its retirement offerings through a multi-partner alliance with Challenger, Generation Life and BlackRock.

It comes as MLC also celebrated hitting a $500 million milestone on MLC Expand, describing it as the "fastest growing IRIS solution."

AMP, which also offers retirement income products via AMP Super and North platform, stated they are "pleased" to see uplifts like this across the retirement segment.

"Our industry needed to step up to help Australians be confident about their retirement," AMP chief executive Blair Vernon said.

"AMP has led the market in bringing these retirement income solutions to market, and while no other provider offers the range of solutions we do, we are pleased to see others following our lead.

"We will continue to innovate and take the market forward as we expand our retirement offers."