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Challenger partners with three super funds
Challenger has partnered with Local Government Super, CareSuper, and legalsuper to make comprehensive retirement income solutions, the firm announced today.
The partnership follows the Government's decision to support comprehensive income products for retirement (CIPRs) in its response to the Financial System Inquiry.
Challenger chief executive, Brian Benari, said "as our retirement system evolves we are seeing positive long term developments, including a growing industry focus on making retirement income products more accessible".
Challenger chairman, Peter Polson, said the partnership would make Challenger's annuities available to their members from mid-2016.
"Between them the funds have about 390,000 members. We expect more AAS [Australian Administration Services] clients to partner with Challenger," he said.
"As the superannuation industry develops, we are confident in our ability to remain the annuities leader through our specialist focus, product innovation, product development, distinctive brand, and dedication to meeting the growing need for secure retirement income."
CIPRs are aimed at providing a seamless transition to the retirement phase of super, by giving regular and stable income whilst providing longevity risk management and flexibility. Challenger said annuities provide a key component of these retirement income solutions.
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Great to see looking forward to it