Legalsuper chief executive Andrew Proebstl said the new products were a “timely response to recent changes to the age pension” and an increase in the number of members “looking for certainty” in their income retirement.
“[The Financial System Inquiry's] recommendation and subsequent response from government have thrown down a clear challenge to the industry to deliver comprehensive income products,” Mr Proebstl said.
“These additional retirement products complement and build upon the success of our existing account-based pension options and member retirement advice service. The level of assets invested in Legalsuper’s pension products is now double the industry median.”
The company will offer both fixed-term and lifetime guaranteed income products, which will be able to pay income monthly, quarterly, half-yearly or annually, and both require a minimum balance of $20,000 to invest in a guaranteed income account.
Challenger announced it would make its annuity products available to industry funds in July 2016.
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