Challenger lifetime annuities complement other retirement investments and sources of income, such as account-based pensions and the Age Pension. They provide a secure lifetime income which can be used as the foundation of your retirement plan.
About the Challenger Guaranteed Annuity (Liquid Lifetime)
The Challenger Guaranteed Annuity (Liquid Lifetime) (the Annuity) gives you an additional layer of protection in retirement by providing guaranteed income payments. It acts as a safety net ensuring that you will receive income for life, regardless of how long you live or how investment markets perform.
The Annuity offers several options that you can tailor to meet your needs. You can:
- Have your payments continue to be paid to your partner when you die.
- Choose to have the regular payments linked to yearly changes to inflation, helping you to continue to afford tomorrow what you can afford today.
- Nominate your beneficiary(ies) and/or your estate to receive a lump sum payment if you die within the withdrawal period (unless you ask for this feature to be removed in return for higher regular payments).
- Have the flexibility to withdraw if your circumstances change. While the Annuity is designed to be held for life, there is a withdrawal period where you can access a lump sum if your circumstances change (unless you ask for this feature to be removed in return for higher regular payments).
- Invest in the Annuity with money rolled over within the superannuation system or non-superannuation money (minimum investment $10,000).
Benefits at a glance
Longevity, market and inflation protection - The Annuity gives you an additional layer of protection in retirement by providing guaranteed income payments. They act as a safety net ensuring that you will receive income for life, regardless of how long you live or how investment markets perform. Payments from the Annuity can also be linked to yearly changes to inflation, helping you to continue to afford tomorrow what you can afford today.
Competitive payment rates - The Annuity is a smart defensive asset because it offers competitive payment rates. These payments can be inflation-linked and are guaranteed for your lifetime regardless of how markets perform.
You pay no fees to Challenger - There are no fees or charges payable to us. The amount we promise to pay you is what you will receive for life as our costs are taken into account when we determine the regular payments you will receive.
As with all investments, our Annuity carries some risks. These risks and how they are managed are set out in the Product Disclosure Statement. We recommend you go through them with your financial adviser before deciding to invest.
Visit the payment rates page to see how this compares to other investments.