Challenger enters super annuity alliance
Challenger has positioned itself to move further into the superannuation space, this time via a strategic alliance with the large superannuation fund administrator, Australian Administration Service.
The strategic alliance was confirmed today by Challenger which said it would have the effect of making its annuity products accessible to members of AAS's superannuation fund clients.
The announcement said AAS would make guaranteed retirement income products available on its aaspire administrative platform.
Challenger Chief Executive Distribution, Product and Marketing, Paul Rogan, said he believed the alliance would facilitate the provision of guaranteed retirement income solutions to major super funds in Australia.
"AAS has built strong relationships over a long period of time with super funds. The strategic alliance will enable AAS's super fund clients to easily access and implement products to meet the needs of members who want certainty of income in retirement," he said.
AAS chief executive, Suzanne Holden, said the administration business had received expressions for interest from clients in having annuities available on the aaspire platform.
AAS, owned by Link Market Services, recently grew its reach via Link's acquisition of Supepartners and boasts clients which include AustralianSuper, Cbus, REST, HESTA, CareSuper, Hostplus and MTAA Super.
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