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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Founders of the 10 startups featured in Genesis Cohort 35 earlier this year. 

A new partnership between Genesis, the University of Sydney’s flagship startup accelerator, and wealth management firm MLC is offering startup founders a $5000 award for excellence in startup financial modelling.

The MLC Financial Clarity Prize will be awarded to the Genesis participant who develops the most clear and compelling three-year financial model aligned to their startup strategy and funding milestones.

The prize aims to help emerging founders develop the skills and confidence to take control of their business finances from the very beginning.

Ashton Jones, Director of Customer Innovation at MLC, said: “At MLC, we know financial clarity is the foundation of confidence, whether you’re planning for retirement or building a business. That’s why we’re proud to support the next generation of founders through this partnership with Genesis. We believe great ideas need great financial plans to succeed, and we’re excited to reward and recognise those who are developing that capability early in their journey.”

Anna Fitzgerald, Co-Head of Genesis, said: “This prize is about much more than money, it’s about mindset. Financial models are one of the hardest and most important tools a founder can develop. With MLC’s support, we’re able to motivate and reward our founders for building clarity into their startup right from the beginning. We expect this will give them better funding options as a result.”

Matt Bright, Co-Head of Genesis, added: “We’re thrilled to partner with a values-aligned organisation like MLC to deliver this prize. It brings together our shared commitment to capability building, confidence and community impact. We can’t wait to see what our founders produce.”

The first-ever MLC Financial Clarity Prize will be awarded at the finale of the university’s 10-week accelerator program this year. The program runs bi-annually and applications for the next cohort close on August 10.

Genesis is the University of Sydney’s flagship accelerator program, based in the Business School’s Discipline of Strategy, Innovation & Entrepreneurship. It supports startup founders through mentoring, education and connection with a supportive entrepreneurial community.

Since 2008, Genesis has supported over one thousand University of Sydney alumni, students and staff to accelerate their startups. Genesis alumni have raised over $50 million in funding and been accepted into programs such as Y Combinator, the Hult Prize Foundation Global Accelerator and StartX by Stanford.

The Genesis program culminates in a finale where the top five startups pitch to win $30,000 of equity-free funding, and other prizes and support opportunities. Applications for the next cohort close August 10. Apply now.

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New research from leading Australian life insurer, TAL, and Investment Trends shows nearly two in three Australian non-retirees^[1] are unsure about their financial options in retirement and feel they need more information to make choices that will meet their needs at every stage of life.

According to the TAL and Investment Trends 2023 Retirement Income Report, 65% of non-retirees don’t know about existing retirement income products offered by their super funds. Further, the majority of those who are familiar with retirement products like pensions or lifetime income products, have a limited understanding of how they work and the benefits of each. This highlights the important role of retirement specialists, including super funds, in providing guidance to boost financial literacy.

Now in its fourteenth year, the Retirement Income Report shows that having a good understanding of retirement income options leads to better outcomes for members and improved perceptions of their super funds. Just one in five non-retirees (20%) are certain that they will remain with their current super fund in retirement and 34% intend to get advice, further reinforcing the value of proactively providing members with product information in the lead-up to retirement.

TAL Chief Executive, Group Life & Retirement, Jenny Oliver^[2] said that TAL partnered with Investment Trends to deliver this research as part of its commitment to understanding the challenges and needs of Australians in retirement.

“With 3.5 million people expected to retire in the next decade, TAL is committed to collaborating with super funds and other partners to provide more Australians with the opportunity to retire with confidence.”

“As a partnerships business that specialises in providing institutional solutions, TAL is uniquely placed to collaborate with funds to develop next-generation retirement solutions that meet the evolving needs of members at every stage of life,” Ms Oliver said.

Income for life is the top priority for both retirees and non-retirees

Though awareness of different categories of retirement products remains low, respondents are clear on the product features they value most. While fees remain an important consideration for non-retirees (57%), features deemed very important when selecting a retirement income product include having an income that will last for life (52%), receiving guaranteed minimum payments (47%), and having flexible access to capital (43%).

Ashton Jones, TAL General Manager, Growth, Retirement and Wealth Partnerships, said that TAL is focused on supporting partners to enhance their existing retirement solutions or to offer new solutions that provide members with the option for lifetime income and the confidence to spend in retirement.

“Over half of respondents say that income for life is a top consideration when selecting a retirement income product. This shows that members value holistic superannuation retirement propositions that provide them with the confidence of a regular income for as long as they and their partner live.”

“In the past, the only way super fund members could get a guaranteed income for life was to take up a traditional annuity. By default, they’d have to pay for inflation protection or investment protection as well. Now in the market, we’re seeing options for members to get longevity protection without having to pay for this extra protection. We see this as a new product category that many super funds are calling ‘lifetime pensions’,” said Mr Jones.

Confidence has increased, but so has the amount Australians expect they’ll need in retirement

The 2023 Retirement Income Report shows that despite persistent inflationary pressures, rising interest rates and economic headwinds, Australians are more confident about their ability to fund their retirement.

For the first time in nine years, a greater proportion of retirees expect their savings will outlast their retirement (35% in 2023 up from 28% in 2022) than those who expect to outlive their retirement savings (33% in 2023 down from 48% in 2022). Three in five retirees (60%) feel they are able to live comfortably, up from 55% in 2022.

For non-retirees, the retirement funding gap – the difference between expected income and perceived income needed for a comfortable retirement – has narrowed to an average of 27%, down from 34% in 2022, with perceived required income reaching a record high of $4,700 per month, up from $4,300 in 2022.

Those reporting a retirement funding gap say they plan to work for longer (51%), reduce spending (48%), contribute more to super (38%), or seek advice from a financial adviser (35%).

“Super funds are increasingly lifting the bar to better support members in retirement,” Mr Jones said.

“Educating members as they shift their thinking from accumulating super during their working lives to having an income to draw down from in retirement can improve member confidence and outcomes, as mandated by the Retirement Income Covenant.”

“We know many Australian retirees are reluctant to draw down their super balance in retirement for fear of outliving their savings, particularly with the expectation that they’ll need to fund future health and aged care costs^[3]. They are living frugally and not enjoying the lifestyle they can afford. Lifetime income products can help lessen these concerns, by maximising a member’s expected retirement income, helping them manage and plan for risk, and providing flexible access to their funds in retirement.” 

Other key findings – Top concerns in retirement

• The cohort most worried about their health in retirement is the 70-74 age group (67%). The main health-related concerns among retirees include physical ailments, illness, and cognitive decline while the main financial concerns for retirees include inflation, medical treatment costs, and aged care expenses.
• The main financial concerns for retirees with the lowest super balances (less than $100k) are the most worried about rising costs (53%) and the cost of medical treatment (54%).
• Retirees with the highest super balances (over $750k) are more concerned about falls in financial markets (53%) and regulatory changes around super (36%) but are far less concerned with rising prices than those with the lowest super balances (28% versus 53%).

About the report

TAL has partnered with Investment Trends to release the TAL and Investment Trends October 2023 Retirement Income Report, to determine how members’ needs are changing and how insurance in superannuation can address this by creating value at every stage of life.

In its fourteenth year, the annual research report is based on a quantitative online survey of retirees and non-retirees aged over 40 (N= 10,604) and conducted between July and August 2023.

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