Challenger has extended its annuities products to industry super funds, announcing that one fund has already launched the income products to its members.
According to a statement, Local Government Super will now offer Challenger-backed annuities.
“Challenger strongly encourages these partnerships as a way to help retirees manage their financial affairs with greater certainty and flexibility after accumulating savings in industry funds over many years,” Challenger’s chief executive for distribution, marketing and research, Paul Rogan, said.
“Making our annuities available to industry funds to provide their members with guaranteed income streams is a key strategic driver of growth in the retirement income market for Challenger.”
Peter Lambert, Local Government Super chief executive, said it is critical for members approaching retirement to have access to new income solutions.
“As many of our members move into retirement, it’s critical they have access to guaranteed retirement income solutions which help protect them from the risk of outliving their savings,” he said.
“We are pleased to be at the forefront in enabling members to develop portfolios that feature longevity products.”
Macquarie Bank will pay a $10 million penalty for failures related to preventing and detecting unauthorised fee ...
The Financial Advice Association Australia has argued strongly against the implementation of the CSLR, calling the ...
A financial advice firm has seen a decline of 10 advisers this week with all moving to a new licensee, while Centrepoint ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin