A powerful investment helping to build a truly resilient retirement portfolio.

Guaranteed regular income payable for life

We all want different things from retirement but share a common need: income. Challenger lifetime income products deliver guaranteed regular income payable for life, regardless of how long you live.

With a Challenger lifetime annuity as part of your retirement plan you can build a more resilient investment portfolio because the payments from your annuity are guaranteed to be payable for your lifetime.

Keeping up with inflation

Inflation in Australia and around the world is hitting new generational highs. The impact of inflation is countered for some by an increase in wages. However, for retirees who are no longer earning a wage, a different approach is maybe needed.

Challenger annuities can be linked to yearly CPI inflation changes helping you to afford tomorrow what you can afford today.

Enjoy today, knowing you'll always have guaranteed regular income in the future

Research shows retirees potentially won’t get to benefit fully from their savings because they are unsure about how much they can spend. Put simply it means many retirees may miss out on fully enjoying their hard-earned retirement savings.

A Challenger lifetime annuity can help to solve this problem. Regular payments are guaranteed to be payable for your lifetime so you can feel more confident about your retirement spending.

Flexibility and choice to help meet your goals with guaranteed regular payments for life

Turn your super or savings into a guaranteed regular income stream for life. You can choose the option that best meets your specific needs.

Income certainty
Inflation protection
Market-linked
RBA cash rate
Choose fixed payments so you don’t need to worry about the performance of investment markets or movements in the RBA cash rate.
 To help protect against inflation risk, payments can be fully or partially indexed to CPI.
 Payments can be linked to investment markets to combine the benefits of regular income for life with exposure to the potential for market growth while still accepting some downside risk.
 You can choose to have payments linked to the RBA cash rate. 

Payment options

Lifetime annuity payment rates

See the payment rates currently available.

View our rates
Useful links
Immediate payments
Liquid Lifetime (Immediate payments)

Choose this option if you want income certainty.

Learn more
Deferred payments
Liquid Lifetime (Deferred payments)

Choose this option if you want income certainty, but you do not want payments to start immediately.

Learn more
Market linked annuity
Liquid Lifetime (Market-linked payments)

Choose this option if you want your payments linked to changes in investment markets.

Learn more
Frequently asked questions

A guaranteed death benefit is payable for the duration of your life expectancy, up to a maximum of 27 years. The death benefit equals 100% of the amount invested for the first half of the death benefit period (rounded down to a whole year) and we don’t reduce the death benefit for any income that has already been paid to you.

See the relevant Product Disclosure Statement for more information.


There’s flexibility to cancel the investment at any time during your life expectancy, up to a maximum of 27 years (rounded down to a whole year), so you have access to a lump sum if you ever need it. The maximum withdrawal value starts at 100% of the amount invested and steadily reduces to nil.

The actual withdrawal value we pay you is impacted by movements in interest rates and an allowance for the cost to us of breaking the investment. That is why it is only possible to determine the withdrawal value at the time of withdrawal.

See the Product Disclosure Statement for more information.


No. Challenger annuities are designed to help provide a foundation of guaranteed regular income for your retirement portfolio. Investing some of your retirement savings or super in a Challenger lifetime annuity will give you a monthly income for life.

You can invest as little as $10,000.

Inflation measures the change in the cost of living over time. Payments from Challenger annuities can be linked to yearly inflation changes, helping you to continue to afford tomorrow what you can afford today.

A Challenger lifetime annuity may immediately increase your Age Pension because only a portion of your investment is counted under the assets test. Any benefit will depend on whether you are assessed under the assets or income test.

For market-linked lifetime annuities, monthly payments will move up or down annually adjusting to the changes in your chosen market-linked indexation payment option. In periods of strong market performance, any Age Pension benefits may reduce to reflect the higher income received.

Speak with your financial adviser before making any financial decisions.

For annuities purchased with superannuation money, income payments and lump sum withdrawals are generally tax-free if you are age 60 or over.

For annuities purchased with your retirement savings (outside super), income payments and lump sum withdrawals may have some taxable income. Challenger provides an annual PAYG statement which has all the details you need to complete your tax return.

For tax treatment of death benefits see the FAQ ‘Are annuities taxable to beneficiaries?’.

For annuities purchased with superannuation money, if a death benefit is paid to a dependant (as defined in law), for example a spouse or child under 18, it will be paid tax-free. However, if paid to a non-dependant, for example adult children, they may have some tax payable.

Find out more about tax on super death benefits.

For annuities purchased with money from your savings outside superannuation , death benefits may have some tax payable. Challenger provides a PAYG statement which has all the details you need to do your tax return as a beneficiary.


Important notes: Age Pension benefits described above will not apply to all individuals. Age Pension outcomes depend on an individual (or couple’s) personal circumstances and may change over time. While lifetime income streams may immediately benefit some Age Pension eligible retirees who are assessed under the assets test, in later years, if assessed under the income test, any ongoing Age Pension benefits may be reduced. For Liquid Lifetime (Market-linked payments), only the first year’s monthly income amount is guaranteed. After the first year, monthly payments will move up or down annually adjusting to the changes in your chosen market-linked indexation payment option. In periods of strong market performance, any Age Pension benefits may reduce to reflect the higher income received. Consult your financial adviser about potential impacts on your personal circumstances and whether a lifetime income is right for you.