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
The strategic partnership with Oaktree Capital and AZ NGA is likely to pave the way for overseas players looking to enter the Australian financial advice market, according to experts.
ASIC has cancelled a Sydney AFSL for failing to pay a $64,000 AFCA determination related to inappropriate advice, which then had to be paid by the CSLR.
Increasing revenue per client is a strategic priority for over half of financial advice businesses, a new report has found, with documented processes being a key way to achieving this.
The education provider has encouraged all financial advisers to avoid a “last-minute scramble” in meeting education requirements prior to the 31 December 2025 deadline.
