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Annuities specialist Challenger has launched a new product into the market specifically aimed at the platform market.
The company announced today that it had launched the Challenger Guaranteed Income Fund, which it said would invest in annuities issued by Challenger Life, with the product being offered on the BT Wrap.
Commenting on the new offering, Challenger Life chief executive, Richard Howes, referred to recent OECD research suggesting Australians should invest more of their superannuation in annuities to reduce portfolio risk.
He said the new Guaranteed Income Fund was aimed at providing an appropriate product to meet that market need.
The Challenger product will provide unit holders with set monthly distributions, and a return of capital at maturity.
Commenting on the product’s placement on the BT Wrap platform, the head of BT Wrap, Chris Freeman, said it reflected increasing demand from advisers for retirement product solutions that catered for both market and longevity risk.
