Investment management firm Challenger has made its annuities available to industry super funds, with one fund already launching the retirement income products.
According to a statement, Local Government Super will now offer Challenger-backed annuities, which is expected to help members make better financial choices for retirement.
Challenger’s chief executive for distribution, marketing and research, Paul Rogan said: “Challenger strongly encourages these partnerships as a way to help retirees manage their financial affairs with greater certainty and flexibility after accumulating savings in industry funds over many years.
“Making our annuities available to industry funds to provide their members with guaranteed income streams is a key strategic driver of growth in the retirement income market for Challenger.”
Peter Lambert, chief executive of Local Government Super, said it is critical for members approaching retirement to have access to new income solutions.
“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,” he said.
“We are pleased to be at the forefront in enabling members to develop portfolios that feature longevity products.”
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