Challenger annuities available to super funds
Challenger has extended the provision of annuities and guaranteed income products to industry superannuation fund, Local Government Super.
Challenger distribution, marketing, and research chief executive, Paul Rogan, said making annuities available to industry funds was a "strategic driver of growth" in the retirement income space.
Local Government Super chief executive, Peter Lambert, said the fund looked to include longevity products in developing member portfolios.
"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," Lambert said.
It came as Challenger was also partnering with two other industry super funds through administrative platform of AAS, which was part of the Link Group.
It would partner with legalsuper and CareSuper, which was expected to go live later this year, Challenger said in a statement.
Challenger already had a partnership with VicSuper.
Local Government Super managed over $9 billion of retirement savings for 90,000 current and former local government employees.
Challenger annuities were also available on Colonial First State's FirstChoice and FirstWrap investment platforms.
AUTHOR
Malavika Santhebennur
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
