Challenger acquires Bendzulla Actuarial
Challenger Limited has taken a further step into the self-managed superannuation fund (SMSF) sector via an agreement to acquire Bendzulla Actuarial.
Bendzulla is regarded as one of the leading providers of SMSF actuarial certificates in Australia, with a market share of more than 50 per cent serviced through relationships with approximately 5500 accounting firms.
The transaction was confirmed by Challenger chief executive Brian Benari, who described it as a strategic investment for the company in terms of SMSF retiree research, product and service development and distribution.
He said Challenger intended to work with Bendzulla to expand its service offerings to SMSF customers and their accountants.
The acquisition came at the same time as the Federal Government announced it would soon consider the unnecessary barriers to developing longevity insurance products as part of a broader review of the regulatory arrangements for retirement income streams.
"Longevity insurance products like deferred lifetime annuities are likely to hold appeal for SMSFs if designed with their particular needs in mind", Benari said.
Originally published by SMSF Essentials.
AUTHOR
Staff Writer
Recommended for you
Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation.
Online investment adviser and fund manager Stockspot has introduced Stockspot Super, Australia’s first 'ETF only' superannuation product. superannuation product.
ASIC has called on superannuation funds to improve their oversight of advice fee deductions following an investigation of 10 trustees that found $990 million was charged in one year.
With just 30 per cent of Australians knowing their superannuation balance to the nearest $1,000, Findex has emphasised the role of financial advice in addressing the critical super knowledge gap.
