Challenger launches pension fund
Challenger has launched a new pension product that provides fixed cash flows immune from interest rate and market movements.
The Challenger Guaranteed Pension Fund also allows customers to more easily comply with the minimum drawdown requirements of account-based pensions.
The fund is a fixed 5- or 10-year term, fixed rate, platform-based product available on BT Wrap, Asgard, IOOF and Macquarie Wrap.
"Not many people can afford to simply live off the interest on their deposits but need to consume some invested capital in a disciplined and planned way," said Challenger Life chief executive Richard Howes.
"Unlike term deposits, the Guaranteed Pension Fund can provide the desired level of income from a lower invested amount because principal is returned over the life of the investment."
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