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QSuper launches annuity product
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.
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