Legal industry superannuation fund, legalsuper, has announced an expansion of its menu of retirement products with the addition of Challenger guaranteed income accounts.
legalsuper chief executive, Andrew Proebstl announced the move today claiming the fund was amongst the first to offer the additional options which he regarded as a timely response to recent changes to the Age Pension.
The two types of guaranteed income accounts available to legalsuper members are Lifetime and Fixed Term and will be available to members aged 60 or over with balances of $20,000 and above.
Proebstl said the addition of the guaranteed income accounts represented an important component of the fund’s response to the challenge of delivering comprehensive retirement income products.
He said that as member balances grew, he expected increasing interest in guaranteed income accounts.