Liz McCarthy

Less than two months after the launch of both the savings and retirement income phases, MLC Retirement Boost^TM has surpassed more than $500m on MLC Expand, one of Australia’s largest and fastest growing super and retirement platforms.

In August 2025, the savings component of MLC Retirement Boost opened to a small, targeted group of advice practices, ahead of a phased soft launch to all existing MLC Expand advisers in November 2025, before the launch of the solution’s income phase in March 2026.

MLC Retirement Boost, the newly launched innovative retirement income stream (IRIS) solution, can provide up to 60% more income in retirement when complemented by traditional retirement products like an account-based pension. It has two flexible phases:

• MLC Retirement Boost (Super) operates like a standard superannuation account, while potentially enabling clients to access means test concessions for the Government Age Pension. The earlier customers contribute to MLC Retirement Boost (Super), the greater their potential Age Pension entitlements.
• MLC Retirement Boost (Pension) is designed to deliver retirement income for life, with Chant West confirming it delivers some of the highest income rates of lifetime products, and can be used separately or alongside clients’ account-based pension.

MLC Expand CEO, Liz McCarthy, said, “This is a significant milestone for MLC Expand and shows the demand we’re seeing from financial advisers for MLC Retirement Boost.

“The way that Australians think about retirement is changing and the demand for this solution is a testament to that. People want more personalisation and flexibility in their retirement planning and MLC Retirement Boost gives them this, while increasing the potential of super for more people and potentially creating higher retirement income, from their first super contribution.”

A key part of MLC Expand’s partnership with TAL and Challenger in developing MLC Retirement Boost was the establishment of a Centre of Excellence. A gateway for advisers, the Centre of Excellence provides access to expert technical insights, case studies, information and client support tools and calculators, and dedicated support to help advisers unlock the full potential of MLC Retirement Boost and elevate the value of their retirement advice.

MLC Director, Retirement Innovation, Ashton Jones said: “The feedback from advisers has been overwhelmingly positive, and advisers have appreciated the client-centric education approach we’ve taken when rolling out this solution and the way it is seamlessly integrated within MLC Expand.

“We knew the solution, coupled with our innovative partnership with TAL and Challenger, would be of interest to advisers but the response only a few months in has been really exciting.

“Importantly, this is still just the first phase in MLC’s offering in this space and we’re excited for further retirement innovations over the next 12-18 months.”

The milestone follows Chant West confirming last month that MLC Retirement Boost on MLC Expand delivers some of the highest income rates of lifetime products, also rating it ‘Four Apples – Recommended’, which is the highest possible rating for a new product. MLC Expand also received 2026 Rainmaker AAA Quality Ratings for MLC Expand Essential and Expand Extra, and has been named a finalist in the Advised Product Of the Year and Best Fund: Lifetime Product at the Chant West 2026 Fund of the Year awards.

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Liz McCarthy

Chant West has confirmed that MLC Retirement Boost^TM on MLC Expand delivers some of the highest income rates of lifetime products and has also rated it ‘Four Apples – Recommended’, which is the highest possible rating for a new product.

MLC Expand CEO, Liz McCarthy, said, “For too long, Australian retirees have been afraid to spend their own money in retirement. MLC Retirement Boost is changing that dynamic by giving Australians a smarter, more flexible way to generate income for life — and it’s exciting to see the industry acknowledge that.

“MLC Retirement Boost delivers the most competitive income levels, empowering retirees to unlock more from their super and feel more secure throughout their retirement journey.

“Receiving a ‘Four Apples – Recommended’ rating from Chant West is a strong endorsement of what we’ve set out to achieve with MLC Retirement Boost – giving Australians more confidence and more certainty in retirement. It reinforces that the market recognises the value of solutions like MLC Retirement Boost that help people make the most of their super.

“We’re seeing advisers adopt MLC Retirement Boost faster than we anticipated, and this strong independent rating from Chant West reflects this momentum. The solution is resonating because it addresses what retirees tell us they want most: dependable income and confidence it will last throughout their whole retirement.”

Chant West General Manager, Ian Fryer, said, “MLC Expand is now one of a small group of providers in market offering a Lifetime Product. As part of our assessment, we modelled a range of scenarios around using MLC Retirement Boost, including different incomes and singles vs couples. In all scenarios, key income metrics were almost always higher using a 50/50 strategy with MLC Retirement Boost and an account-based pension, than with just an account-based pension.

“MLC Retirement Boost provides financial advisers with flexibility to meet a range of client needs, and its adviser and client portals have rich functionality, including a straight-through application process and a well-presented interface.

“Our modelling shows that a strategy including MLC Retirement Boost provides higher annual income through the income that continues for life, as well as higher age pension payments, giving retirees greater confidence to spend more in retirement to maintain a higher standard of living.

“We also found that the outcomes delivered from MLC Retirement Boost (Pension) product are slightly above other similar lifetime products, and its range of features may lead to better outcomes than most other Lifetime Products. Use of Retirement Boost (Super) approaching retirement also further improves outcomes.”

This recognition also coincides with MLC Expand receiving 2026 Rainmaker AAA Quality Ratings for MLC Expand Essential and Expand Extra.

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Liz McCarthy

MLC Expand has launched MLC Retirement BoostTM, a new innovative retirement income stream (IRIS) solution, with both the savings and retirement income phases now live for financial advisers and their clients.

This follows MLC’s announcement of a partnership with TAL and Challenger to develop MLC Retirement Boost in July last year and the soft launch of the product’s savings phase in August. A key part of this partnership is the establishment of a Centre of Excellence. A gateway for advisers, the Centre of Excellence provides support and access to expert technical insights, case studies, information and client support tools and calculators, and dedicated support to help advisers unlock the full potential of MLC Retirement Boost and elevate the value of their retirement advice.

The retirement income phase of MLC Retirement Boost, which can be used as a standalone solution or alongside an account-based pension, is designed to deliver a tax-free retirement income for life, with investment flexibility and potential Age Pension advantages for members. It also means that financial advisers can now be recommending MLC Retirement Boost, as a complete solution, to their clients. MLC Expand CEO, Liz McCarthy, said, “We know that with more than three million Australians retiring in the next decade, many people face uncertainty around how long their savings will last.

“We also know that retirement is evolving, and Australians’ attitudes toward retirement are changing.

“For too long as an industry, we’ve viewed accumulation and pension as two distinct and separate phases, but that doesn’t match how we know Australians are actually experiencing retirement anymore. The traditional model of fully exiting the workforce and withdrawing your super as a lump sum is becoming less common. Australians are living longer, working differently and expecting more from their retirement savings.

“It’s with all this in mind that we developed MLC Retirement Boost. In the savings phase, it’s designed to unlock the potential of a member’s superannuation at no extra cost – potentially creating a higher retirement income from their first contribution. The earlier members sign-up, the more potential for Centrelink benefits in retirement – so it’s a no brainer in the savings phase!

“In the retirement income phase, MLC Retirement Boost is designed to give retirees greater certainty – consistent, tax‑free income for life – with the added potential to increase retirement income through concessional treatments not available through standard pension products.

“Through our own modelling we know that when used to its full potential in both the savings and retirement income phases, complemented by our traditional retirement products like an account-based pension, MLC Retirement Boost can improve your clients’ income in retirement by up to 60%. This solution will be life changing for many and is the future of retirement in Australia.

“We’ve launched MLC Retirement Boost on MLC Expand so advisers can utilise it as part of their broader advice offering, to provide their clients greater optionality and certainty in their retirement planning.

“Through feedback from financial advisers during our soft launch of the savings phase, we know they’ve been calling out for greater competition in this space. With the launch of MLC Retirement Boost’s income phase, they’ll be able to help their clients unlock higher lifetime income, while providing the flexibility they want – including access to MLC Expand’s full investment menu, spouse protection and the ability to access capital in line with the schedule.

“One of the key differentiators with MLC Retirement Boost, and the thing advisers have told us they’re most excited about, is the newly launched Centre of Excellence, a unique point of difference in our partnership with TAL and Challenger. Advisers can now access a range of specialised resources, including a digital Retirement Boost Optimiser tool that visualises a client’s projected total retirement income across super, MLC Retirement Boost and the Age Pension, helping advisers tailor more effective strategies. This is another example of how MLC Expand is now the super and retirement platform of choice for advisers and their teams.

“This is just the next step for us though and, in partnership with TAL and Challenger, we will keep improving on and innovating in this space.”

MLC Retirement Boost on MLC Expand is the first component of Insignia Financial’s Customer Innovation Strategy. Insignia Financial’s 2030 Strategy, presented in November 2024, identified innovating in wealth solutions as a strategic priority as part of its vision to become Australia’s leading and most efficient wealth management company.

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Irene Worrell

MLC Expand has announced the appointment of Irene Worrell as General Manager, Product Management, a pivotal leadership role responsible for driving product strategy, governance and innovation across the MLC Expand platform.

With more than two decades of experience in the wealth management industry, Irene brings extensive expertise spanning product development, distribution, and strategic transformation. Her career includes senior leadership roles at some of Australia’s most respected financial institutions, where she has consistently delivered client-focused solutions and navigated complex regulatory environments.

Ms Worrell takes on the role following more than a year as General Manager, Remediation within Insignia Financial’s Enterprise Services division. Prior to joining Insignia Financial, she served as General Manager Business Delivery, Strategy & Projects and Head of Advice Transformation within AMP Advice. She has also held senior roles at Commonwealth Bank, Perpetual, ING Australia and MLC/NAB, giving her a comprehensive understanding of the competitive landscape and evolving client needs in the Australian wealth sector.

In her new role, Ms Worrell will lead MLC Expand’s Wrap Product Management function where she will be responsible for shaping and executing product strategies that simplify and integrate MLC Expand’s suite of capabilities, ensuring scalability, efficiency and agility.

She commenced in her new role on Monday 19 January.

This appointment adds to MLC Expand’s existing leadership team, which includes: Orla Cowan, General Manager Governance; Imran Khan, General Manager Technology; Nicole Mahan, General Manager Operations, Adviser and Client Services; Heidi Press, General Manager Platform Development; Cable Rickard, General Manager Sales and Adviser Success; Ivan Sadler, Head of Investment Solutions.

MLC Expand CEO Liz McCarthy, said: “Irene is an outstanding leader with a proven track record in delivering innovative product solutions and driving transformational change. Her deep understanding of wealth management – particularly the financial advice industry, combined with her ability to navigate complexity and build trusted partnerships, will be instrumental as we continue to enhance our Wrap platform and deliver exceptional outcomes for advisers and their clients.

“As the largest super and retirement platform, at MLC Expand we’re committed to using our advice expertise and feedback from clients to continue building on our scalable and sustainable product suite to meet the evolving needs of investors and advisers. Irene’s vision and expertise will help us achieve that ambition while maintaining the highest standards of governance and compliance.”

Commenting on her appointment, Irene Worrell said: “I’m passionate about delivering products that empower financial advisers and their clients to achieve their goals. MLC Expand has a strong foundation and a clear vision for the future, and I look forward to working with the team to drive innovation and create value for our clients.”

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Andrew Long

MLC Expand has appointed experienced retirement and partnerships professional Andrew Long as Retirement Specialist, as the provider tries to keep up with the demand for its recently launched MLC Retirement Boost^TM solution.

As a Retirement Specialist, Mr Long is responsible for championing the MLC Retirement Boost solution across the market, with a strong focus on engaging licensees and financial advisers.

Mr Long joins MLC Expand after nearly 15 years in a range of strategic retirement partnership roles at CFS, Challenger Limited, TAL and, most recently Resolution Life as their National Institutional Retirement lead.

MLC Expand CEO Liz McCarthy, commenting on Mr Long’s appointment, said: “Since we launched MLC Retirement Boost in August we’ve been really pleased with the feedback and demand from advisers. We’ve been really impressed with the demand from advisers and licensee groups wanting to hear more about the solution, and start recommending it to their clients. We knew the solution, coupled with our innovative partnership with TAL and Challenger, would be of interest to advisers but the response to date – only a few months in – has been really exciting, and has meant we’ve had to expand our team to keep up with this demand.

“I’m excited to welcome Andrew to the MLC Expand team and think his specialised experience in retirement solutions will be beneficial to our internal teams, as well as the licensees and advisers we work with, as we continue to see demand for MLC Retirement Boost grow.”

MLC, in partnership with TAL and Challenger, launched MLC Retirement Boost, an innovative retirement income solution (IRIS), on MLC Expand in August 2025. MLC Retirement Boost will help provide greater certainty and confidence in retirement. It operates like a standard superannuation account, but has the potential to allow Australians to boost income during retirement due to the concessional treatment of innovative lifetime income streams. MLC Retirement Boost was launched on the MLC Expand platform for advisers to use with their superannuation clients in August 2025.

Andrew Long joined MLC Expand on Monday 17 November.

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Liz McCarthy

MLC Expand, Australia’s largest super and retirement platform, is utilising its propriety technology to roll out a range of AI automations that could save advisers and their support teams more than 500 hours per month, allowing them to spend more time providing advice to clients.

Over the coming months, powered by AI, MLC Expand is launching new automation features that will intelligently populate a range of client documentation using information from the Client Service Agreement (CSA) and Statement of Advice (SOA), significantly improving efficiency, eliminating manual duplication, and reducing the risk of errors.

Since 2 October 2025, all MLC Expand users now have access to the feature that will automatically populate clients’ advice fees in their fee consent form. The SOA for new business application is currently being piloted and is planned to be rolled out in the coming months.

MLC Expand CEO, Liz McCarthy, said, “MLC Expand is built by advisers, for advisers. This innovative rollout directly responds to feedback from advisers looking for smarter, faster ways to free up their time and their support staff’s time – so they can focus more on what matters most: their clients.

“We’ve been using AI and robotics in our business for more than six years, so it’s exciting to now bring the scale and efficiencies we’ve gained directly into advisers’ offices.

“At MLC Expand, we recognise the value of owning our proprietary technology stack – the foundation our platform is built on. It gives us greater control, flexibility, and the ability to be quicker to market than many of our competitors.

“The AI functionality used to upload Client Service Agreements (CSA) was piloted over recent months by several licensees, including Shadforth Financial Group, Bridges Financial Services, and Rhombus Advisory. We worked closely with these practices to test, learn, and refine the functionality.

“If we applied the average time saved, from this initial pilot alone, across the entire MLC Expand platform, it would save advisers more than 500 hours in administration and manual data entry a month.

“This is revolutionary for financial advisers and their teams, as that’s more time they’re able to spend directly with their clients and/or bringing in new clients.

“We are also currently piloting the AI-enabled automation feature for new business applications, extracting the relevant information from the Statement of Advice (SOA), which has been saving advisers on average 15 minutes for every new business application they complete.

“At MLC Expand, we’re committed to continuing to deliver innovative, automated solutions to help advisers and their support teams save time, reduce costs, and invest more time on building client relationships.” Page 2 of 2

Shadforth Financial Group CEO, Terry Dillon, said, “It’s been exciting to partner with MLC Expand to pilot these enhancements, and the feedback from those involved has been overwhelmingly positive.

“We know there’s a financial advice gap in Australia, and as a business we’re constantly exploring ways to free up our adviser’s time to be able to service more Australians. By automating manual processes, we’re freeing up valuable time for our teams and helping more Australians benefit from the power of quality financial advice.”

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Heidi Press

MLC Expand has announced the appointment of Heidi Press to the role of General Manager, Platform Development & Digital Experience.

Heidi brings more than two decades of experience in wealth management and financial services, with an accomplished career spanning product leadership, platform strategy, transformation and advisory services.

As General Manager, Platform Development & Digital Experience, Heidi will lead the design and delivery of the next generation of the MLC Expand wrap platform, driving innovation and enhancing digital experiences for financial advisers, support staff and their clients.

Heidi’s extensive background in wrap platforms and wealth management positions her uniquely to lead this transformation. Most recently, she served as Head of Product Management at HUB24 Limited. Prior to HUB24, Heidi held senior roles at Allianz Retire+, MLC Limited and Macquarie Group.

Liz McCarthy, CEO of MLC Expand, said: “I’m thrilled to welcome Heidi to the team. Her deep expertise in wrap platforms and her proven ability to lead complex transformation initiatives make her the ideal choice to guide MLC Expand into its next chapter. Her strategic vision, combined with her commitment to delivering exceptional client experiences, aligns perfectly with our ambition to be the leaders in a new era of super and retirement advice and investment technology.

“MLC Expand is entering a period of significant growth and change, and Heidi’s leadership will be critical in shaping a digital experience, backed by data and AI, that truly meets the evolving needs of advisers and their clients.

“Heidi’s appointment reflects MLC Expand’s commitment to innovation, client-centricity and excellence in digital platform delivery. Her leadership will be pivotal in driving commercial outcomes and ensuring the platform remains at the forefront of the Australian financial advice ecosystem.”

Commenting on her appointment, Heidi Press said: “MLC Expand is one of Australia’s largest super and retirement wrap platforms and I’m excited to be joining the team again. MLC Expand’s propriety tech stack is one of – if not the – most contemporary wrap platforms in Australia. The speed at which the team are able to implement enhancements and act on adviser feedback is what makes me excited to be joining Liz and the MLC Expand team.”

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Liz McCarthy

Australia’s largest super and retirement wrap platform, MLC Expand, has introduced fee reductions for up to 240,000 super, pension and investment clients, to ensure its fees are even more competitive.

From 1 June 2025, the Account Keeping Fee for Expand Essential, MLC Expand’s low-cost super and retirement platform for clients with simpler needs, will drop from $90 to $78 per annum. The Administration Fee remains at the competitive rate of 0.10% with the fee cap to apply for balances above $800,000, reduced from $1m.

For Expand Extra, MLC Expand’s full service wrap platform for clients with more complex needs, the Account Keeping Fee will reduce from $180 to $150 per annum. The tiered Administration Fee will also be reduced for balances above $100,000, with the most significant reductions being applied to client balances between $200,000 and $800,000. These reductions will also benefit accounts in linked groups where balances are aggregated for fee purposes.

MLC Expand Chief Executive Officer, Liz McCarthy, said, “We’re committed to improving clients’ retirement outcomes while making it easier for advisers, and their back office teams, to recommend our contemporary proprietary technology. This fee reduction is a perfect example of that commitment.

“For an Expand Extra client with an account balance of $250,000 it means a saving of more than $330 per annum on the current disclosed fees, representing a 25% reduction.

“As the largest wrap super and retirement platform provider by accounts, we are passionate about partnering with advisers and their support teams to help drive results for the clients they serve. We’re constantly listening to their feedback about how we can improve and innovate MLC Expand, including taking onboard their feedback to us on fees.

“We’ve listened to advisers and reduced our fees in areas that matter and maintained one of the simplest and transparent fee structures in market.

“The combination of reduced fees and some of the most competitive fee caps in the market now makes it even more compelling for advisers to recommend MLC Expand to help improve their clients’ outcomes.”

The MLC Expand platform also supports the IOOF Employer Super, IOOF Personal Super and IOOF Pension products, which will reduce the Account Keeping Fee and/or Administration Fee for around 80,000 clients from 1 June 2025. This means that in total, around 65% of all MLC Expand platform clients will benefit from the upcoming fee reductions.

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