Aware Super launches digital tool to boost retiree income

Aware Super has launched a digital retirement planning and management platform for members aged 60 and over, after a pilot showed a sharp rise in the share of retirees choosing to draw more than the minimum pension.

Results from a pilot involving more than 5,000 members showed a 78% increase in the relative number selecting an income above the minimum when they used the platform to build a plan. The pilot compared outcomes for members using the tool with typical member behaviour.

Based on Aware Super's figures, 54% of retiring members usually draw more than the minimum pension. Among those who used the platform during the pilot, that rose to 96%.

The product, called Retirement Manager, is positioned as a self-service tool for people in or approaching retirement. It focuses on two questions: how much a member can spend and how long their money might last.

How the tool works

Retirement Manager lets members set up and implement a plan online. Users can select an investment option, model different income and spending decisions, and set up an income stream.

The platform also estimates potential eligibility for the government Age Pension, which can affect expected retirement income and influence drawdown decisions from superannuation balances.

A key feature is an Income Confidence Score, which reflects how likely a plan is to support a member's desired income level. Members can adjust settings and scenarios and see how the score changes.

The service also includes access to human advisers within the same experience. Members can book an appointment through the platform to discuss or refine a plan.

Member behaviour

Superannuation funds and policymakers have long focused on the gap between retirement savings and retirement spending. Many Australians remain concerned about longevity risk and market volatility, which can lead to cautious drawdown decisions.

Aware Super pointed to its research showing nine in ten Australians worry about running out of money in retirement. It also said members were leaving up to 25% of their super unspent.

The pilot results suggest clearer modelling and more immediate feedback can change how members approach retirement income decisions, at least among those who used the platform. The uplift in drawdowns above the minimum is notable because minimum pension payments often anchor behaviour, even when account balances and household circumstances differ significantly.

Steven Travis, Group Executive Member Growth at Aware Super, said the pilot outcomes showed the platform could reduce friction in retirement planning.

"This is a major breakthrough in retirement planning," Travis said.

He said Retirement Manager gives members more control and confidence over spending decisions.

"Retirement Manager TM is giving members the control and confidence to draw a greater income and enjoy their retirement to the fullest," he said.

Travis said scenario testing and immediate feedback can help members decide how much income to take from their savings.

"When members can build a plan in their own time, optimise it for different scenarios and get immediate feedback on the strength of their plan, it gives them greater confidence to draw down on their savings," he said.

Broader strategy

Digital tools are playing a bigger role in how superannuation funds engage members, particularly as more Australians move from accumulation to retirement and face decisions about income streams, investment settings, and interaction with the Age Pension.

Aware Super said Retirement Manager builds on an earlier tool, My Retirement Planner, used by more than 165,000 members in the accumulation phase to model retirement goals and savings plans.

The new platform extends that approach into retirement, where decisions shift from how much to contribute to how much to withdraw. It is available to eligible members aged 60 and over.

Travis said the tool would remain part of how the fund supports members over time.

"We believe it will help our members manage their money more effectively throughout their retirement," he said.