While one of the best in the world, Australia’s retirement system still falls short of delivering optimal outcomes for all citizens. Members are encouraged to save as much as possible throughout their working life, only to go off script when they near or reach retirement.
Let’s face it, retirement planning is messy, hard to navigate and easy to avoid. The current model is primed for disruption and as an industry we all recognise the time to change is now.
We believe there are three key issues to resolve if we want to help people feel confident about making planning decisions and deliver certainty in retirement.
- Retention – How do we ensure the continuity of members as they transition from accumulators to their post-work phase of life?
- Whole-of-life view -Using real information, how can we create a full picture of a person’s financial situation to facilitate better planning near and in retirement?
- Practicality: How can we provide solutions and services to funds at scale, but in a way that’s affordable for their members?
Leading the way with a new digital retirement platform
As a key enabler of funds and their members, Link Group plays a unique role within the superannuation industry.
Partnering with industry specialists and established providers, we’re driving development in the retirement market, with a focus on building an industry-wide technology solution – one that can integrate with innovative product and service bundles, offer continuous member engagement, personalised guidance and access to affordable advice.
The platform we’re building will provide super funds with options to help tailor unique member experiences and deliver on their retirement income strategies, without having to take on the development and technology burden typically involved in integrating new solutions.
The long-term vision of our retirement platform will see the integration of various financial products, digital tools and services that allow funds to personalise the journey in a way that helps members plan for, transition to, and live comfortably in retirement.
We understand the decisions and choices members need to make in the lead up to retirement and beyond their working life, and our new platform—called PathFinder—will allow funds to design guided pathways and unique experiences to ensure members can achieve their best possible retirement outcomes.
Support for every step of the retirement pathway
Developed by Link Group, in consultation with a network of key product providers and industry specialists, recently launched PathFinder is a cloud-enabled flexible platform that uses data, insights and third-party integrations to support every step of the retirement journey.
Our platform is designed to provide super funds and their members with a total picture of wealth supporting the retirement planning, income, and advice experience. By accessing a suite of integrated tools, digital services and product solutions, funds can tailor the retirement experience for different member needs, supporting the delivery of personalised strategies, sustainable incomes and better outcomes in retirement.
One of the first suite of products to be integrated with the PathFinder platform is Allianz Retire+ Income for Life (AGILE). This next generation retirement income solution will sit inside the super fund as an investment option in the late accumulation phase and within an account-based pension.
By providing access to high quality, guaranteed income products like AGILE, PathFinder will help super funds deliver on their retirement propositions giving members greater certainty as they plan for retirement and look to generate a reliable income.
We’re extremely excited to introduce our PathFinder retirement platform to the industry and delighted to be partnering with Allianz Retire+ as we integrate the AGILE longevity solution.
We will continue to invest in our PathFinder platform, working with key providers to onboard a diverse range of digital tools, products and services that allow seamless integration for clients and offer guided journeys and tailored experiences for members, as they near and enter retirement.
Curious to learn more about PathFinder?
Read the media release.
Watch the PathFinder video below: