- North’s award-winning solution, MyNorth Lifetime, is delivering great
outcomes for members who are seeing an average uplift of 50% or more in total
income in retirement
- That amounts to a boost, on average, of $8000 a year for each member with the option for higher income for life.
- 9 in 10 are benefitting from an uplift in social security entitlements with some seeing a 100% increase, thanks to MyNorth Lifetime
Higher levels of retirement income can be accessed through a market-linked lifetime income stream, with the latest data from North revealing a significant uptick in both member incomes and drawdown rates.
Analysis of more than 1,500 customer accounts on North revealed that for Australians taking advantage of MyNorth Lifetime in their portfolios, members are able to retire earlier and are seeing an average uplift of 50% on their total income.
These members have the ability to spend 50% more income than before, with most seeing a boost on average of $8000 per year thanks to eligibility for higher age pension payments.
Members who have adopted the solution have benefited from maximising their social security entitlements, with some being able to hold twice as more under the Assets Test.
A higher income for life
AMP’s data comes on the back of recent findings from the Grattan Institute that older Australians are living far too frugally, with increases in average net wealth and super balances outpacing the rate of spending in the decumulation phase[1].
That’s supported by Federal Treasury data which found more than half of Australian retirees have been drawing down at the statutory minimum due to a fear of outliving their savings[2].
Launched in 2022, MyNorth Lifetime is North’s award-winning longevity solution, helping more Australians retire with greater comfort and financial confidence.
It is an innovative retirement income solution which combines the flexibility of an account-based pension with the lifetime cashflow features of annuities.
Over the last 12 months, over 1500 members have taken up MyNorth Lifetime with over $505 million invested on North from new MyNorth Lifetime members. Of these, 70% are also new members to the platform.
Growth in super balances not matched by growth in spending
According to AMP research, the number one fear prevalent with older Australians is the fear of running out, with 3 in 4 Australians aged 50 and over saying the retirement system was too complex and 3 in 5 wishing they’d started planning for retirement earlier in life[3].
This is despite the fact that Australians are retiring with higher retirement income balances than ever before, with an average super balance of more than $200,000 for singles and $300,000 for couples[4].
According to the Grattan Institute, over the last two decades average super balances for Australians aged 60-64 grew by 37% in real terms by the time they reached 76-80 years old, with levels of average net wealth increasing by 14% over the same period.
Yet most retirees who draw their super from an account-based pension at minimum rates leave 65% of their super balances unspent by average life expectancy1.
MyNorth Lifetime solves for this with a longevity solution, tailored to a member’s individual circumstances and needs. It won the Chant West Lifetime Product Best Fund award in 2024 and Chant West Innovation Best Fund award in 2023.
Ben Hillier, AMP Director, Retirement said:
“With the benefit of face-to-face advice and a rich solution that provides a higher income for life, we’re helping more Australians get the most out of retirement and that’s already translating into some really pleasing outcomes, with the majority of older Australians spending more and retiring earlier.”
“In just over two years, MyNorth Lifetime is already delivering a significant uptick in both financial confidence and security for Australians who want to enjoy their retirement to the fullest.
“This is only the beginning and we’re exploring further ways to pave the way forward for more innovative retirement solutions that can give our members a helping hand, lifting their financial wellbeing and ensuring they and their families can look forward to a better retirement future.”
Edwina Maloney, AMP Group Executive, Platforms said:
“We know our members value both financial freedom, security and the ability to retire with confidence, without having to compromise on their lifestyle choices.
“We have also been buoyed by the incredible response we’ve seen from advisers who continue to make MyNorth Lifetime their trusted solution for members seeking a more fulfilling retirement with higher levels of income at all life stages.”
“As a world-class solution, MyNorth Lifetime is solving the unique challenges and needs that more Australians face as they make the important switch into retirement, while ensuring they can optimise their Age Pension entitlements.
“It’s also the only pension account on the market which allows members to continue making contributions in a tax-free earnings environment while deferring income.”
- Grattan Institute, January 2025: ‘Simpler super: taking the stress out of retirement’
- Australian Government Treasury, 20 November 2020. p181: ‘Retirement Income Review’
- AMP Research, September 2023: ‘Australians financially illiterate when it comes to retirement
- Grattan Institute, January 2025: ‘Simpler super: taking the stress out of retirement’