Three step guide to investing in an annuity
Step one - research
Conduct your own research into annuities before making any decisions. Your financial adviser can also help, as can calling our Investor Services team on 13 35 66.
You may want to read about the products we offer before contacting your adviser or our team, which you can do in the product section of this website. All relevant Target Market Determinations (TMDs) and Product Disclosure Statements (PDSs) are also available within each product page.
Step two - quotation
Contact your financial adviser or our Investor Services team on 13 35 66 for an obligation-free quote. The regular payments we offer are reviewed and updated regularly to reflect market conditions. Your quote will be valid for 14 days from the date on which we provide it.
Step three - application
If you decide you are happy with the quote, and wish to proceed to invest in an annuity, then you can apply for the annuity by providing us with:
- completed and signed application form;
- your quote (if your quote has expired, then your regular payments will be calculated on the day we process your application);
- the identity verification documents (outlined in the application form);
- your initial capital investment;
- adequate rollover information, generally provided by your superannuation fund, if rolling over money within the superannuation system.
If your application is successful, then you will be sent a Policy Document and Investor Certificate which sets out the terms and conditions of your annuity.
We will also send you a Centrelink schedule for social security purposes. You should read these documents carefully and contact your financial adviser or our Investor Services team on 13 35 66 if you have any questions.
Cooling off period
You can change your mind about investing in an annuity and ask for your initial capital to be repaid. However, the cooling-off right must be exercised within 14 days from the earlier of two days:
- when you receive confirmation your annuity has started; or
- the end of the fifth business day after the day you invested in your annuity.
If you wish to exercise your cooling-off right, we must receive your written instructions and your original Investor Certificate before the expiry of the 14-day cooling-off period. These should be sent to:
Challenger Life Company Limited
GPO Box 3698
Sydney NSW 2001
If you invested in the annuity with money rolled over within the superannuation system, your money will be returned to the rollover institution from which the money was received. If you invested in your annuity with non-super money your money will be paid to the bank account you provided at the time of investment.
If we have to pay any tax on the amount you paid for the annuity, we will deduct it from your refund. If you have any questions about cooling-off rights, please contact your financial adviser or our Investor Services team on 13 35 66.
When you invest with Challenger, we will also send you details on how to access InvestorOnline, a secure online service that provides access to up-to-date information about your annuity, including recent payments and annual statements. InvestorOnline is available 24 hours a day, seven days a week.
Each year you will receive an annual statement with details of your Annuity, including payments made over the period, and other relevant information.
If you are an individual and did not roll over money within the superannuation system to buy the annuity, you will also be sent a PAYG payment summary and tax information to help you complete your annual tax return.