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Legalsuper launches guaranteed income products

Legalsuper has made Challenger's annuity products to its members as it seeks to implement the recommendations of the Financial System Inquiry.

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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