Liz McCarthy

MLC Expand has launched a new income deferral feature within MLC Retirement Boost, giving financial advisers and their teams another way to help clients build retirement income strategies.

MLC Retirement Boost, MLC Expand’s 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 accumulation 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.

The new income deferral feature within the Pension phase gives financial advisers additional flexibility when designing retirement strategies for eligible clients by allowing them to defer part of their retirement income. By creating a future income stream, the feature can help clients plan for higher spending needs later in retirement, including healthcare, aged care and other retirement expenses.

The launch expands the capabilities of MLC Retirement Boost, which was designed to support our members with greater confidence, flexibility and certainty in retirement and help advisers provide more personalised retirement solutions that can help optimise members’ retirement outcomes.

MLC Expand CEO, Liz McCarthy, said: “We’re seeing more Australians move into retirement gradually, whether that’s continuing to work part-time, retiring at different times from their partner, or simply wanting more flexibility about when they start drawing an income.

“This new income deferral feature within MLC Retirement Boost gives advisers another practical way to help clients shape their retirement around their individual circumstances. It allows clients to decide when lifetime income starts, while keeping more flexibility through the earlier years of retirement.

“For some clients, delaying income can support Age Pension outcomes and help grow the income available later in life. It can also provide confidence that they have money set aside for the years when they may need it most.”

MLC Director of Retirement Innovation, Ashton Jones said: “We’ve heard from advisers that retirement is rarely a single event. It’s often a transition that unfolds over several years. This enhancement supports those conversations and gives advisers more choice in how they help clients balance flexibility today with certainty for the future.

“MLC Retirement Boost was designed to help advisers have a different conversation with clients about retirement income and confidence. We’ve seen strong adviser adoption since launch, and with Chant West’s confirmation earlier this year that we have the highest lifetime income rates, advisers have consistently told us it’s helping give their clients greater confidence about their income throughout retirement.

“We’ve also listened to feedback from advisers and have now removed a previous product restriction that meant those aged over 58 years did not qualify for MLC Retirement Boost (Super). This, along with the introduction of income deferral are examples of how we’re continuing to build practical solutions that fit the way advisers and their support teams work, and help clients make more of their retirement savings.”

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Jenneke Mills

MLC Expand, one of Australia’s largest and fastest growing super and retirement platforms, has launched a suite of practical myGov guides to help financial advisers find key super information and uncover planning opportunities for clients in the new financial year.

Developed by MLC Expand’s Technical Services team, the guides show advisers and their clients how to locate important Australian Taxation Office (ATO) super information in myGov, including Total super balance, concessional contribution cap history, non-concessional contribution information and transfer balance cap details.

MLC Expand General Manager, Sales and Adviser Success, Cable Rickard, said the guides reflect the platform’s focus on service and its commitment to helping advisers, and their support teams, deliver the best client outcomes.

“At MLC Expand, we’re focused on partnering with advisers and giving them the tools, service and support that make their day-to-day easier,” Mr Rickard said.

“A simple five-minute check is one of the easiest ways advisers can validate key super information, avoid contribution cap issues and open up more proactive conversations with clients. That’s what these guides are about, helping advisers save time and spend more of it on what they do best, which is delivering great advice.”

MLC Expand Head of Technical Services, Jenneke Mills, said, “The guides were developed with a clear understanding of how critical myGov information can be in helping financial advisers make appropriate superannuation recommendations.”

“As advisers cannot access this client data directly, the resources are designed to give clients clear, step-by-step instructions to locate the relevant information and share it with their adviser, helping support more informed advice conversations.”

Four practical checks for the year ahead

1. Total super balance: Checking a client’s balance at the end of the previous financial year helps advisers assess whether contribution strategies remain available and whether balance-based thresholds affect their recommendations.
2. Carry-forward concessional contributions: Clients with unused cap amounts from the previous five years may be able to contribute more than the standard annual cap, subject to eligibility. This is often relevant for clients with variable income, bonuses or interrupted work patterns.
3. Non-concessional contributions: Clients thinking about larger after-tax contributions may need to check whether they are already in a bring-forward period and how much cap space remains.
4. Transfer balance cap information: After indexation of the general transfer balance cap, retirees may benefit from reviewing their transfer balance account before they start or restructure retirement income streams.

“At MLC Expand, we know that advisers who start these conversations early are best placed to help clients make the most of opportunities, while still treating myGov as one reference point alongside fund records and each client’s individual circumstances,” Ms Mills said.

Financial advisers who already use MLC Expand can access the guides through the Technical Library within the secure MLC Adviser Online portal. Advisers not currently using MLC Expand can reach out to an MLC Expand Business Development Manager for access at myexpand.com.au/adviser/contact-us.

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Lisa Hilton

MLC Expand, one of Australia’s largest super and retirement platforms, has announced that Lisa Hilton has commenced as General Manager, Technology – Wrap. Based in Sydney, Lisa steps into the role as the platform enters a period of significant growth.

Lisa brings more than two decades of experience leading large-scale technology transformation across the financial services, insurance and energy sectors. Most recently she was Chief Information Officer at Cover-More Insurance, part of the Zurich Insurance Group, where she led technology services across delivery and engineering. During her tenure she led the organisation’s adoption of artificial intelligence, deploying AI agents to enhance the customer experience and applying the technology within engineering to improve efficiency across the development lifecycle.

In her new role, Lisa leads the Wrap Technology function, with accountability for strategy, delivery and transformation. Her focus will be on the targeted, intelligent innovation that matters most to advisers and their teams, extending MLC Expand’s AI and automation capability to keep its technology at the forefront of the market and build on the platform’s ground-up design. Central to this is the platform’s ability to act quickly on adviser feedback, reinforcing the service standard that has become one of MLC Expand’s defining strengths.

Liz McCarthy, CEO of MLC Expand, said:”I’m delighted to welcome Lisa to the team. Her track record  in leading complex technology transformation, and in putting AI to work on real business problems makes her the right person to guide the next generation of our proprietary MLC Expand platform.

“MLC Expand was built by advisers, for advisers, and Lisa’s leadership will help us keep advancing the technology that partners with advisers to capitalise on a new wave of growth in advice. As we build on our proprietary tech stack, enhanced with AI and robotics, and stay true to our AdviserFirst service philosophy, her appointment reflects our ambition to be the leaders in a new era of super and retirement advice and investment technology, and to be the fastest growing super and retirement platform by 2030.”

Commenting on her appointment, Lisa Hilton said: “I’m excited to be joining MLC Expand at such a pivotal time. AI is changing what a platform can do for advisers, and MLC Expand has both the proprietary technology and the appetite to move quickly on it. I’m looking forward to building on those foundations so advisers have the tools they need as the advice market grows.”

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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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For decades, retirement income strategies have been built around account based pensions, annuities and the Age Pension.

Retirement planning has long been framed as a numbers exercise. How much someone needs to accumulate, what returns can be achieved and how long that capital needs to last. However, for many retirees, the real issue isn’t whether the numbers stack up on paper – it’s whether they have enough confidence to live like they do.

Advisers regularly see clients who can afford to spend more, but don’t. Despite careful modelling, conservative assumptions and contingency planning, fear of living too long or encountering the ‘wrong’ market conditions tends to keep many clients in a holding pattern. The result is often cautious drawdowns, defensive portfolios and a retirement that is technically funded, but often, not fully enjoyed with confidence.

As longevity increases and retirement horizons extend, this confidence gap has become one of the most challenging issues in retirement planning. The value of advice lies not just in building wealth, but in ensuring clients feel confident enough to spend in retirement.

The difference between knowing the money won’t run out and merely hoping it won’t have a profound impact on how retirement is experienced. This is where innovative lifetime income streams are starting to reshape the conversation.

The problem traditional strategies don’t fully resolve

For decades, retirement income strategies have been built around account based pensions, annuities and the Age Pension. Each plays an important role but only addresses part of the retirement confidence problem.

Account based pensions provide flexibility, liquidity and control. They allow retirees to retain full access to capital and adjust income as circumstances change. However, they also place the burden of managing longevity risk, sequencing risk and spending discipline on the individual. For many retirees, this leads to underspending, driven by fear of running out later in life.

In contrast, traditional annuities address longevity risk, but do so with reduced flexibility and access to capital. For many people, that trade off can feel too restrictive and has historically reduced their appeal.

And, while the Age Pension provides a valuable safety net, it’s means tested, subject to policy change, and rarely sufficient on its own to support the lifestyle many retirees aspire to.

The result is a retirement income landscape defined by trade-offs. Innovative retirement income streams emerged in response to help bridge the gap.

A new way to think about retirement income

Innovative lifetime income streams are best understood not as a single product type, but as a different way of thinking about, and solving for, the retirement income confidence gap.

Rather than replacing existing strategies, they are designed to complement other sources of retirement income by providing stability and certainty that can work alongside more flexible retirement investments and other income sources.

They were born from a recognition that retirement is not just about accumulating savings, but guiding how those savings are drawn down over time to help retirees optimise retirement income consumption needs, while managing the fear of running out.

The rules that define a retirement income stream (and therefore eligibility for tax concessions) have been broadened, allowing a wider range of lifetime income solutions to emerge, including deferred income streams. Since 2022, the Retirement Income Covenant has also required trustees to formulate and regularly review a retirement income strategy, with a focus on supporting members to maximise income while managing key risks, including longevity risk.

While not mandating specific products, these developments have created a stronger foundation for innovation in how retirement income is delivered.

At a high level, innovative lifetime income streams support retirement income in three ways. Firstly, they introduce a component of income that’s guaranteed to continue for life, providing greater confidence that the Age Pension will not need to be relied upon as the sole source of retirement income. Secondly, by securing an amount of guaranteed future income, they promote greater confidence in drawing down from account based pensions and other retirement savings, in the earlier years of retirement. Finally, depending on the specific product, they can also significantly improve Age Pension entitlements through concessional means test treatment.

A deeper dive: how innovative income streams actually work

At a high level, innovative lifetime income streams may be offered by life companies or super funds (sometime in combination).

Income payments are generated from capital, investment returns, as well as the reallocation of capital from members who exit the pool with remaining balances (often referred to as ‘mortality credits’ or bonuses).

Despite being grouped under a single category, products differ significantly. Key variables include:

• the timing of income (including whether income payments start immediately or can be deferred for a specified period)
• investment options, and whether income is fixed, indexed or investment linked
• level of access to capital, including any death and exit benefits, and
• whether the structure satisfies the requirements for concessional social security means test treatment.

Opting in during accumulation

Some providers may allow members a choice to opt into these structures in accumulation. While the account operates as an ordinary accumulation account, from a product perspective the person is within a framework that supports the future commencement of a lifetime income stream. Contributions and rollovers made to the account are compounded using the upper deeming rate, rather than actual investment returns, to determine the purchase price of the future lifetime income stream for social security purposes. This may lead to an uplift in benefits under the assets test. Further concessions may also apply, further reducing the assessable asset and income value, and potentially improving Age Pension entitlements even further. This is explained in more detail below.

Income for life

If a person enters the lifetime income framework in accumulation phase, once a condition of release is met, they can generally choose whether to commence a lifetime income stream with some or all of their funds or can make a lump sum commutation (including to commence a regular account based pension). Commutations need to be completed within 14 days of meeting a condition of release, after which time capital restrictions commence.

Some products may also offer the ability to defer commencement of a lifetime income stream for a specified period of time, rather than commencing it immediately. Deferral can play an important role in managing longevity risk, as income starting later in life requires less upfront capital and provides protection when the risk of outliving savings is greatest. Additional contributions during the deferral period may also be possible, allowing retirement savings to continue to grow. However, after deferral, access to capital is restricted (see below).

Once income payments commence, no further capital can be added to the income stream, and income is then paid for life. The amount of income depends on the product design and rules and may be impacted by the initial investment, the person’s age, gender, whether the income stream is investment linked, and whether a death or exit benefit option has been selected.

Payments must be made at least annually and, unlike account based pensions, are not subject to standard minimum drawdown requirements. Instead, payments are determined by the trustee, within the product’s rules designed to prevent unreasonable deferral of income.

The amount that can be accessed as a lump sum or commuted and rolled over reduces over time, eventually reaching a point where no voluntary withdrawals are permitted. This is effectively the trade-off for certainty of lifetime income.

Restricting capital access to support certainty of income

Limiting access to capital is a requirement under super law, which effectively ensures that sufficient capital remains available to fund income payments for those who live longer than expected.

The Capital Access Schedule (CAS) governs how access to capital changes as the individual ages. Broadly speaking, rather than requiring retirees to give up access to capital immediately and permanently, access is progressively restricted over time. Beyond life expectancy, voluntary access typically ceases. This flexibility distinguishes innovative lifetime income streams from the annuities that came before them.

Death and exit benefits

Many existing innovative lifetime income streams offer some form of death benefit, exit benefit, or both, which must be limited to no more than the legislated amount. It’s important to note that these features are optional and vary between products. Where death or exit benefits are offered, lifetime income is generally reduced.

Some products allow retirees to opt out of death benefits entirely in exchange for higher income. Others provide stepped or capped benefits that decline over time in line with the CAS. In effect, retirees are able to decide how much liquidity they are willing to trade for certainty.

How social security fits into the picture

Where an innovative lifetime income stream^[1] satisfies certain requirements and meets the definition of an ‘asset tested lifetime income’, concessional treatment under both the asset and income test may significantly improve social security entitlements. Specifically, this requires the income stream to conform to the CAS rules which limits the surrender value and death benefits payable. While all lifetime income streams must restrict access to capital under superannuation rules, only those that meet stricter requirements under social security law are eligible for concessional social security treatment.

As explained previously, if the person enters a lifetime product in accumulation phase, a notional account balance (based on the upper deeming rate rather than the actual returns on rollovers and contributions to the account) ultimately forms the basis for the purchase price for the social security assets test. Given that calculation often results in an assessable purchase price that is lower than the actual account balance, this can provide a higher entitlement under the assets test.

A further concession is available to further reduce the amount of the purchase price that is assessed under the assets test, and the amount of income that is assessed. This also applies to innovative income streams that aren’t commenced in accumulation.

Therefore, means testing outcomes are often more favourable when compared to holding the same amount in an account based pension.

The graph below shows the maximum limits on access to capital to qualify for concessions, based on life expectancy. The surrender value decreases over time and is equal to 50% of the surrender value at halfway to life expectancy, reducing to nil once a person reaches life expectancy. The amount that can be received as a death benefit is limited to 100% of the initial surrender value to halfway to life expectancy, reducing on a straight-line basis thereafter.

 Who does an innovative lifetime income stream suit?

They often suit clients seeking greater certainty. That is, those who find the idea of drawing down capital uncomfortable, even when it’s entirely appropriate to do so. They can be particularly valuable for clients with a reasonable level of assets who are unlikely to rely fully on the Age Pension, but who still benefit from optimising how their assets are assessed
over time.

They may also appeal to clients who want to simplify decision making later in life. Having a portion of income that is effectively ‘set and forget’ can reduce cognitive load as clients age, and provide reassurance not just for them, but for their families. This may include through the provision of reversionary options, subject to the product rules.

They may be less suitable where full flexibility and access to capital is the overriding priority, or where estate planning objectives require assets to remain fully accessible.

But for many clients, the question is no longer whether these solutions have a role – it’s how much of their total retirement savings should be allocated to them.

Final note

Innovative income streams recognise that flexibility alone does not create confidence, and that longevity risk may often need to be addressed structurally rather than managed through conservative behaviour. Their role is becoming increasingly clear, not as a replacement for what already works, but as a carefully designed component that helps bridge the gap between flexibility and certainty. For many retirees, that difference determines whether retirement is merely funded, or genuinely lived.

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Notes:
[1] Applies to lifetime income streams purchased on or after 1 July 2019. Grandfathering applies to lifetime income streams purchased before this date.

Disclaimer: This article has been prepared by IOOF Investment Management Limited (IIML) ABN 53 006695 021, AFSL 230524, RSE License No. L0000406 as Trustee of the IOOF Portfolio Service Superannuation Fund ABN 70 815 369 818. IIML is part of the Insignia Financial Group of companies, consisting of Insignia Financial Ltd ABN 49 100 103 722 and its related bodies corporate. The information in this document is factual information or general advice only and does not consider any individual‘s needs or objectives. Any calculations are for illustrative purposes only. The information in this document has been given in good faith and has been prepared based on information believed to be accurate and reliable at the time of publication. Before making any decisions, advisers and their clients should consider the relevant Product Disclosure Statement, which together with the Target Market Determination is available to view and download at myexpand.com.au.

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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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