Helping Australians retire with confidence

Superannuation plays an essential role in helping Australians enjoy the retirement lifestyle of their choice. But the challenge for many is planning their retirement spending so they can make the most of their hard-earned super. Since none of us knows how long we’ll live in retirement, it’s difficult to know whether our super balance will go the distance.

For most Australians, super is likely to be one of their most valuable assets. But the reality is that most members don’t feel they have enough to spend confidently in retirement. In fact, 1 in 2 Australian pre-retirees worry about running out of money during their lifetime.¹  This can cause them to underspend in retirement, which can stop them from enjoying the lifestyle they can actually afford.

This challenge highlights the need for financial solutions that protect retirees against longevity risk.

Why partner with TAL for a retirement solution for your members?

TAL has a proud history of protecting Australians throughout their working lives. Now, we’re collaborating with super funds to support members in retirement and develop integrated solutions to help members enjoy their retirement years with confidence.

Our solutions are based on a lifelong promise to members that they will be able to access a regular income stream in retirement, regardless of how long they live. We draw on our expertise in group insurance and life risk, enabling us to deliver accessible and sustainable financial solutions that meet the needs of fund partners and your members. Our innovative solutions combine the benefits of traditional product solutions.

Our approach to co-designing our solutions involves working closely with each fund to understand which features and benefits will best suit their members, while having the flexibility to tailor solutions to suit individual funds’ unique member cohorts.

Example: Deferred benefit option

A fund might choose a deferred benefit option as the preferred design for their members, electing for payments to commence after 15 years. This can be achieved in some simple steps:

Depending on the needs of the fund’s members, our retirement solutions also have the flexibility to be distributed either via financial advisers or direct to the member.

Navigating your options

Australia’s Retirement Income Covenant came into effect on 1 July 2022. Under the Covenant, funds must formulate a retirement income strategy (RIS) that addresses how they will help retirees balance key retirement objectives.

Designing the right solution for members can be a complex task, but TAL believes this emerging sector has opportunities to learn from the experiences of the Group Insurance industry. So in February 2023, we supported Deloitte’s publication of a Retirement Solutions Assessment Framework to help funds weigh up their options around product features, pricing and other key criteria when selecting a suitable retirement solution provider.

Download your copy of the Framework here

Put your members in control of their retirement journey

TAL’s Retirement Income Solutions offer members protection against longevity risk, or the risk of outliving their savings, by promising them an income for life – even if their super balance depletes. The driving force behind our approach is to help super fund members retire with confidence and dignity, knowing they’ll be financially protected for the rest of their life.

Access award winning retirement solutions

TAL Retirement Income Solutions was awarded the ALUCA Innovation Team Award at the 2023 ALUCA Life Insurance Excellence Awards for their Innovative approach and contribution towards transformation in the sector.

Want to find out more?

To learn how TAL’s Retirement Income Solutions can support your members, please contact your TAL Client Manager or the TAL Retirement team.

¹ TAL, Ageing Australians: YouGov Retirement Report, 2021. Based on responses from 526 Australians aged 50–64.