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CFS adds annuity to platform as FUM exceeds $535m

Colonial First State says it is including a new annuity on its platform as its combined funds under management on both its wrap and its platform reaches over $535 million.

CFS said in a statement that it is broadening its range of retirement solutions by including Challenger’s CarePlus Annuity on its FirstChoice platform.

The new annuity follows on from CFS’s introduction of CommInsure annuities to the FirstChoice platform last year.

CFS head of retail sales Laird Abernethy said, “More advisers are seeing the benefits of using annuities in conjunction with an account-based pension by constructing portfolios that provide a regular income from a lifetime or term annuity, whilst benefiting from potential market gains and income from the account-based pension,” he said.

“The streamlined application process and consolidated reporting benefits of annuities on platform means more advisers are now seeing they can meet the complex needs of those in retirement whilst maintaining administration efficiencies.

“We expect this to continue to grow as the demographic trends of population growth and increasing life expectancies become further apparent.”