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.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
Great to see looking forward to it
Add new comment