Challenger has found that making annuities available on platforms leads to an increase in the number of advisers writing annuities and growth in the use of lifetime annuities. Following the launch on the fast-growing BT Panorama platform, Challenger annuities are now represented on the platforms used by two-thirds of financial advisers.
Challenger Chief Executive Officer Brian Benari said: “Today marks an important milestone as it will now be easier than ever for the many users of BT Panorama to include annuities in their clients’ portfolios. Retirees are living longer,and many are looking for a reliable income stream that will last for life.
“Providing more options for Australia’s retirees to convert part of their savings into lifetime income is an increasing focus for the superannuation industry and government. Research has shown that retirement portfolios that combine a lifetime income stream with an account-based pension provide retirees with both flexibility and a higher level of secure income for life.”
Regular and constant income in retirement is seen as the most important financial goal by older Australians, with 84% rating it very important, according to a recent National Seniors Australia survey.
Advisers using BT Panorama will be able to access Challenger’s fixed-term and lifetime annuity range, which includes immediate and deferred annuities and aged care products. This is supported by Challenger tools, resources and calculators.
Challenger Limited (Challenger) is an investment management firm managing $81* billion in assets. It is focused on providing customers with financial security for retirement.
Challenger operates two core investment businesses, a fiduciary Funds Management division and an APRA-regulated Life division. Challenger Life Company Limited (Challenger Life) is Australia's largest provider of annuities.
*30 June 2018