AMP has combined its superannuation and allocated pension offerings, creating a single product for clients to use in every phase of their retirement savings strategy.
"The super product works for a period of someone's life, and the pension product overlaps that period for at least 10 years. We are really trying to establish a product that evolves as a customer's needs change," AMP Personal Wealth Management Andrew Hobern said.
The new AMP Flexible Lifetime - Super and Allocated Pension also has a pension refresh facility that allows advisers to seamlessly fine tune their clients' pension needs.
"If you were salary sacrificing money into a super product and taking income out of your pension product, what we are doing... is taking the accumulated balance in the super product, taking the balance out of the existing allocated pension, and creating a new allocated pension," Hobern said.
"Under law we are not allowed to add money back into the existing allocated pension, so we had to take it out of both and put it into a new product.
"What we have done... is to automate that process and make it appear as though it is the same product from a customer perspective."
The initiative has allowed AMP to combine two product disclosure statements (PDS) into one, and it has taken the opportunity to further reduce the PDS for the new offering - from 212 pages down to 36.
The combined product will be made available from November 17.
