AMP unveils new pension calculator


By Daniel Paperny

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AMP has launched a new pension payment calculator that allows retirees to calculate the exact amounts they can spend each year to ensure they do not run out of savings.

The offer combines an algorithmic calculator with a retiree-specific investment fund that is available through the group’s MyNorth platform via an allocated pension.

The retirement savings will be invested in the MyNorth Retirement Fund, an actively managed diversified fund managed by AMP Capital, with drawdown amounts adjusted on an annual basis.

AMP group executive of wealth solutions and customer Paul Sainsbury said the solution was designed specifically for retirees to provide them with greater confidence when it came to spending.

The product also aimed to give retirees a “stable income” that would grow above inflation, the company said.

“This is a truly innovative customer-led retirement solution that will help many Australians achieve financial security in retirement,” Sainsbury said.

“Its development is the culmination of the expertise and considerable work by Patricia Montague and her superannuation and investment platforms team.”

The solution included a working cash account with between nine and 12 months’ worth of pension savings, allowing retirees to spend comfortably without being buffeted by shorter-term market fluctuations and volatility.

understands that the solution uses an algorithm which calculates income streams for retirement. Further information surrounding the MyNorth Retirement Fund is set to be announced in the coming weeks.

The product forms part of AMP’s broader goals-based strategy which includes services and investment products to help customers effectively achieve their financial and retirement goals.

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