Advisers reveal how lifetime income has taken longevity risk “off the table” – as AMP’s solutions pass $21bn

Edwina Maloney

Financial advisers say lifetime income solutions are changing retirement conversations by giving clients greater confidence to spend, improving access to the Age Pension and helping turn accumulated savings into a more reliable income for life.

This, advisers say, gives their clients greater certainty about what they can sustainably spend and helps reduce the fear of running out of money later in life.

More than $21 billion of members’ retirement savings are now invested across AMP’s lifetime income solutions, including more than $1 billion invested by North clients through MyNorth Lifetime.

Susan Morris, Head of Strategic Advice and Senior Financial Adviser at Hyland Financial Planning, said that MyNorth Lifetime spells freedom for her clients.

“The tangible outcome of immediate age pension to support retirement income, together with the knowledge that a level of income will continue for life, helps assuage the fear of spending during the good times in the early years.

“Previously clients would often delay the big trips or more discretionary spending until a time when they might be less able to enjoy them due to ageing.”

Alex Berlee, Director at AGS Financial Group, said that the certainty that comes from a lifetime income stream is a game-changer for his clients.

“Knowing that longevity risk is taken off the table means clients can spend with confidence and enjoy the fruits of their labour. And to do that while maintaining their long-term investment approach, together with some Centrelink uplift in many cases, is a great result.”

Mende Dulevski, Director and Principal Planner at CLS Investment Services, said that many people are scared about spending their money in retirement, and they shouldn’t be.

“If we sit down with our clients and explain to them what their needs and wants are in retirement and how we can overcome those challenges and objectives by having access to all this money, they realise they can retire with an income stream that’s going to benefit them for years to come.

“MyNorth Lifetime gives our clients better scope to get more access to the Age Pension and by utilising the solution, it gives them a guaranteed income stream for life.

“Clients also get better access to the medical benefits as well so they can spend a certain amount of money in retirement with the knowledge and certainty that they’re not going to run out of money.”

Edwina Maloney, Group Executive, Platforms at AMP, said adviser feedback had been central to the development and evolution of MyNorth Lifetime.

“Advisers are telling us lifetime income can fundamentally change the retirement conversation, from whether clients can afford to spend, to how they can make the most of the years ahead.

“Having led the industry in the development of these new types of income solutions, we’ll continue to focus on giving advisers the flexibility, tools and support they need to turn retirement savings into reliable income and better client outcomes.”

Meaningful benefits

AMP’s lifetime income solutions help by:

• providing income for life, regardless of how long members live
• increasing retirement income through strong lifetime income rates, more favourable Age Pension treatment and greater confidence to draw down savings
• offering eligible AMP Super members a temporary income increase during periods of higher care needs, and
• providing support through both financial advice and tailored digital guidance.

MyNorth Lifetime was launched in September 2022, with analysis over 2025 showing it has been delivering an average 60 per cent uplift in retirement income, compared to non‑Lifetime members. The solution has won numerous industry awards, most recently Chant West’s Best Fund: Lifetime Product award.

AMP Super Lifetime Boost was launched in May 2025, followed by the launch of AMP Super Lifetime Pension in May 2026, providing AMP Super members access to the same lifetime income certainty and potential to increase their income in retirement.