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Westpac launches adviser-aimed annuity product

Off the back of feedback from financial advisers, Westpac Institutional Bank has launched an “annuity-styled product” to help advice clients achieve retirement goals.

The Westpac Annuity Deposit product is an off-platform solution aimed at financial advisers, allowing them to “meet a client-lead demand for lower risk, flexible products that provide a known and secure income at a competitive rate”, according to a statement from the bank.

“In simple terms, investors in the Westpac Annuity Deposit are buying a secure and guaranteed income stream,” said Westpac head of capital market solutions David Van Ryn.

“Investors securing retirement income streams rely on their selected provider to continue to meet their obligations over the long haul.

“Westpac is one of the largest deposit taking institutions in Australia with a history in banking approaching 200 years. This history, combined with access to the Government Guarantee in most cases1, should provide investors with a high level of security and peace of mind when building a retirement income strategy.”