Allianz Retire+ has announced three new appointments to its retirement advisory board, including former chief executive officer of MLC and Perpetual Geoff Lloyd, former UniSuper CEO Kevin O’Sullivan, and superannuation specialist Joanna Davison.
In a statement on Monday, Allianz Retire+ confirmed that the new appointees will join existing board members and will next meet in July.
Moreover, Nicolette Rubinsztein will also step down following the completion of her two-year cycle as an advisory board member, according to the firm.
Allianz Australia Life Insurance CEO Adrian Stewart welcomed the three appointees to the board and thanked Ms Rubinsztein for her contributions over her tenure.
“We are committed to solving the issues facing retirees, superfunds and advisers. The purpose of establishing the advisory board was to engage with some of the most respected industry leaders and listen to their perspective of the challenges facing retirees and the industry,” Mr Stewart said.
“The advisory board will provide valuable insights to Allianz in order to deliver on this mission and ultimately create greater certainty for Australian retirees.”
Speaking on his new position Mr Lloyd added: “By leveraging the scale of both Allianz life insurance and PIMCO, Allianz Retire+ offers a unique blend of global resources with deep local experience. I look forward to contributing my expertise to Allianz Retire+ and helping more Australians achieve financial security in their retirement.”
Echoing Mr Lloyd’s sentiments, Mr O’Sullivan said that it is a time of “great structural shift” for the superannuation sector following the implementation of the Retirement Income Covenant (RIC), wherein super funds must have a retirement income strategy in place for their members.
“The RIC has ensured that super funds focus on retirement solutions, but it will require industry collaboration to implement the changes needed,” he said.
“I’m pleased to be able to share my learnings from leading one of Australia’s most awarded industry funds to identify how retirement income specialists like Allianz Retire+ can work with super funds to deliver valuable solutions for retirees,” Mr O’Sullivan continued.
Ms Davison, who joins the board after having served nine years at Fund Executives Association Limited (FEAL) as chief executive, added that the “universal problem” for Australians preparing for and during retirement is the fear of running out of money.
“I am deeply committed to helping Australians achieve a comfortable retirement, which is why I am pleased to contribute my knowledge and expertise in supporting the development of innovative solutions that tackle longevity risk and enable more Australians to enjoy a dignified retirement,” Ms Davison concluded.