Challenger extends annuities to super funds

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.”

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