As part of an agreement with Challenger, AAS will make guaranteed retirement income products available on its aaspire administrative platform.
The partnership will enable super fund trustees to implement the Financial System Inquiry's recommendation for a ‘comprehensive income product in retirement’ (CIPR), according to a statement by Challenger.
“This strategic alliance will facilitate the provision of guaranteed retirement income solutions to major super funds in Australia,” Challenger chief executive of distribution, product and marketing Paul Rogan said.
“Challenger’s products help protect retirees from investment market volatility and inflation and, the risk of outliving their savings.
“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.
Challenger’s partnership with AAS follows the announcement last week of a partnership between industry fund VicSuper and Challenger.
AAS provides fund administration, customer contact and financial advice to industry funds AustralianSuper, Cbus, REST, HESTA, CareSuper, Hostplus and MTAA Super.
