Insignia Financial brand MLC has partnered with TAL and wealth group Challenger to establish a “centre of excellence” for its Retirement Boost product.  

It says the tool will host distribution specialists, modelling programs and “digital advice member journeys” to help clients manage their retirement incomes.  

Contributions from Challenger will ensure distribution capabilities are met at market scale.  

The tool aims to help Australians “boost income during retirement due to the concessional treatment of innovative lifetime income streams”.

Insignia Financial CEO Scott Hartley said: “How Australians are thinking about, planning for and entering retirement has changed. Until now, the super industry has treated the accumulation and decumulation phases entirely separately, and we don’t think that accurately reflects how most people view retirement.  

“MLC Retirement Boost will give Australians more personalisation and flexibility in their retirement planning, increase the potential of super for more people and potentially create higher retirement income from their first super contribution.”  

Mr Hartley says the partnership looks to combine the expertise of Australia’s leading life insurer and superannuation companies.  

“This is just the first step in MLC’s offering in this space, and I’m excited for what’s to come over the next 12-18 months as we continue to enhance MLC Retirement Boost to provide advisers with more options and flexibility to deliver personalised retirement income strategies to their clients.”  

TAL Group CEO and MD Fiona Macgregor says the insurer is “proud to partner on solutions that deliver better outcomes for retirees”.

The tool will be released on the MLC Expand platform in August for financial advisers to use with superannuation clients.