AMP has launched an Australian-first retirement offer that combines a pension payment calculator, with a retiree-specific investment fund, available through MyNorth's allocated pension.

The MyNorth Pension payment planner provides retirees greater confidence with spending by calculating the amount they can withdraw each year to ensure their savings last. The drawdown amount is adjusted on an annual basis.

The retirement savings will be invested in MyNorth Retirement Fund, an actively managed diversified fund managed by AMP Capital. It has been especially designed for retirees, aiming to give them a stable income that will grow above inflation.

The solution includes a working cash account with between 9-12 months' worth of pension so people can be confident their day-to-day spending won't be impacted by shorter-term market fluctuations.

"This is a truly innovative customer-led retirement solution that will help many Australians achieve financial security in retirement," said AMP Group Executive, Wealth Solutions and Customer, Paul Sainsbury. "Its development is the culmination of the expertise and considerable work by Patricia Montague and her Superannuation and Investment Platforms team."

The Fund was recently awarded Best New Functionality: Range of retirement tools and products, by Investment Trends in its 2016 Platform Competitive Analysis and Benchmarking Report.

The solution aligns with AMP's Retire Right goal, allowing customers to confidently manage their spending through retirement.

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