QSuper and Challenger have launched a new guaranteed term annuity product to QSuper's 540,000-plus members next month.
QSuper chief executive Rosemary Vilgan said the fund's research had shown members had an interest in annuity products.
She said launching the product provided members with a new way to tailor their retirement portfolio.
"We are very focused on giving members access to products and services that will give them greater certainty around their retirement income," she said.
"We believe that providing members with access to annuities helps us to deliver on our commitment to members."
Paul Rogan, Challenger's chief executive of distribution, product and marketing, said he had seen a strong desire for annuities across the market.
"Retirees' desire for stability and control has driven the rapid growth in annuity sales in recent years, making it a natural choice for super funds seeking to broaden member options," Rogan said.
In January, insurer MetLife teamed up with MTAA Super Fund to launch an annuity product for its members that guaranteed an income stream for life.
Amid a challenging market environment, three super fund CIOs have warned against ‘jumping at shadows’.
The professional body is calling for the annual performance test to transition to a two-metric test, so it better aligns with the overarching duty of super fund trustees to act in the best financial interests of their members.
AustralianSuper, Rest, and HESTA agree on the need to retain and enhance the test, yet they differ in their perspectives on the specific areas that warrant further refinement.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
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