AMP named Retirement Income Provider of the Year

AMP has been named Retirement Income Provider of the Year in the Money Consumer Finance Awards.

It was recognised for helping retirees enjoy their golden years with the confidence of a guaranteed income for life.

See the full list of winners in the Money Consumer Finance Awards 2026.

AMP at a glance

• Winner: Retirement Income Provider of the Year
• Why they won: The ability to let retirees enjoy their golden years with the confidence of a guaranteed income for life
• Top product: AMP MyNorth Lifetime Pension

A resurgence in lifetime income products

Lifetime annuities, which turn a lump sum of savings into a guaranteed income for life, are not a new product, however they are enjoying a resurgence.

Estelle Liu, head of retirement solutions at AMP, says this uptick in interest is being driven by "a combination of genuine consumer concern about outliving their savings, and a new generation of product innovations that address the historical barriers that held lifetime annuities back."

Changing retirement needs

By way of background, the Retirement Income Covenant of mid-2022 created a structural shift, making longevity management a core consideration for super funds - not just an optional add-on.

Liu says, "This has accelerated both product development and adviser awareness."

In addition, as we enjoy greater lifespans, longevity risk is rising.

Liu says there is roughly a one-in-two chance that a retiree will live past age 92.

Yet most Australians are not planning for this, instead many are underspending their savings in retirement because of the fear of running out of money.

Helping retirees maximise income

Research by AMP Super found 80% of its members say maximising income is their top priority in retirement.

AMP's MyNorth Lifetime Pension delivers on this score, with several innovations to help Australians enjoy a guaranteed income through retirement.

"MyNorth Lifetime allows advisers to choose from 1500-plus investment options on the platform," says Lui.

"This gives advisers the sophistication to build tailored strategies."

Innovations in retirement income

In addition, the MyNorth Lifetime Super Account allows members to begin accruing lower assessable assets during accumulation, supporting potential future age pension assets-test concessions - with no extra fee, no lock-in and no restrictions on investment choice compared to ordinary super.

Lui notes, "This enables advisers to start meaningful retirement conversations earlier."

Delivering higher retirement income

She adds, "Members using MyNorth Lifetime have experienced an average 60% higher retirement income.

Over nine-in-10 AMP Super members expect to be better off, thanks to a combination of lifetime income and flexible income from account-based pensions."

Products for advised and direct investors

MyNorth Lifetime is only available through financial advisers.

However, AMP Super Lifetime is available directly to consumers and has a simpler design optimised for members who may or may not have financial advice.

Top product: AMP MyNorth Lifetime Pension

AMP MyNorth Lifetime Pension - a lifetime annuity with a modern twist.

Read more: View all winners in the Money Consumer Finance Awards 2026.

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