(L to R): Catherine van der Veen and Lucy Foster

Allianz Retire+ has announced the appointment of Catherine van der Veen and Lucy Foster to the newly created position, Head of Group Retirement Solutions Client Delivery.

Within this role Ms van der Veen and Ms Foster will jointly manage client relationships, on-board key partners and oversee the implementation of new clients as the institutional arm of the business grows.

The two executives bring over four decades of combined experience in retirement, superannuation, investment management, advice, and insurance. They also share deep expertise in product and channel development, distribution, marketing, strategy, and execution.

Most recently Ms van der Veen and Ms Foster were at Challenger in the role of General Manager Customer Strategy & Experience where they led the customer strategy working across institutional, adviser, and direct clients. Prior to their experience at Challenger, they were CEO & Managing Director at Generation Life, leading the business for three years.

Allianz Australia Life Insurance CEO, Adrian Stewart said, “After a year of milestones for the business, we are thrilled to have Catherine and Lucy join the leadership team. Catherine and Lucy bring an enormous wealth of insight and value to the team, and we are especially excited to welcome them in a role sharing capacity, which they have successfully managed over the past seven years.

They both have a demonstrated track record of developing successful strategies for client focused outcomes and have a deep understanding of the retirement landscape and the challenges facing retirees. This thinking is critical for Allianz Retire+ as we continue to grow following the launch of AGILE this year.

With a strong background partnering with superfunds, Lucy and Catherine understand the importance of members best interests, trustee obligations, technology and operational pathways, and regulatory considerations.  All of which are essential moving into 2024.

We have a moral obligation as an industry to come together to solve these problems at pace, which is why we are continuing to assemble the right people with the right skills for the job. Lucy and Catherine are a key example of this commitment.”

Their first job share role was at Commonwealth Bank in 2016–17 where they were Joint General Manager, Strategic Projects Wealth Management. During this time, they led the design of the future wealth management model in the Wealth Management arm of the Commonwealth Bank.

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“We know there are multiple, real money worries affecting Australians that require sensible solutions. Issues like first home affordability, education funding, or worrying about outliving your life savings – are present concerns for Australians at different stages of their lives

“Additional uncertainty and a sense of mistrust around the constant changes affecting superannuation, create a strong argument, we believe, to think about alternative ways to save for long-term goals,” he said.

“In the past few years we have seen literally hundreds of changes to superannuation rules and most of these are to the disadvantage of contributors. For example, we have seen the preservation age creep from 55 to 60 years old, an increase in tax on concessional contributions and a reduction in amounts that can be contributed into superannuation.
“This has increased the levels of mistrust in the retirement savings system by Australians,” said Mr. Coombe.

Mr. Coombe also highlighted the present issue of housing and education affordability for younger Australians, and the impact of these issues on family budgets and relationships.

“Parents with children are also very worried that their kids won’t get the same start in life as they did. Property is more expensive, as is the cost of private schooling and higher education. Parents want to help their children fund these needs. The financial demands on Australians are growing and existing financial institutions just don’t seem to be addressing these real issues,” said Mr. Coombe.

A New Brand, a revamped product range and a new management team

Generation Life is a specialist issuer of Investment Bonds. The company was founded over 15 years ago, during which time it has been entrusted with more than $1 billion by Australians investing to pursue a range of long-term savings goals.

Investment Bonds are tax paid investments, which means when its earnings are received by the insurance company, they are taxed at the corporate tax rate of 30%. This makes a Bond a tax effective long-term investment for those with a marginal tax rate higher than 30%.

“Investment Bonds are particularly useful for people who are unable to contribute to superannuation or those that can, but fear locking it away in an environment where there is constant change,” he said.

Bonds have also been widely used by Australians to help fund other long-term goals such as children’s education or to help provide for a deposit on a first home.
“With Investment Bonds, there is no limit on how much can be invested and no preservation age. Combined with a tax environment significantly less than the top marginal tax rate and the ability to borrow against the investment, bonds are an ideal long-term savings vehicle,” said Mr. Coombe.

With the rebranding to Generation Life, Mr. Coombe announced a range of new product features, such as tiered pricing, additional investment options and a range of great value index funds.

“We have been growing our market share for many years and with our new offering, we believe that there is now daylight between ourselves and other competitors in this space. This has come at the right time as we are seeing renewed inquiry and investment given recent changes in superannuation.”
Revitalised management team

Mr. Coombe also announced a range of management changes to help drive Generation Life forward.

Starting in the new year, the business will be led by joint CEO’s Catherine van der Veen and Lucy Foster.

Catherine and Lucy have extensive experience in financial services and will be job sharing the CEO role. They are acutely aware of the challenges ahead for the younger generation and are looking forward to helping educate parents and grandparents that a small amount invested today, together with a monthly savings plan, can solve many problems that may seem insurmountable today.

“Attracting two highly qualified, senior executives with complementary skills to embrace a job-shared leadership role is itself emblematic of our progressive intentions as a company and financial brand. We are excited about the opportunity to deliver highly practical, real-world solutions under the newly born Generation Life brand,” Mr. Coombe said.

“These are exciting developments for our business as we rebrand to Generation Life, revitalise our branding and product range and raise awareness among investors of the flexibility and investment appeal of Investment Bonds,” Mr. Coombe said.

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