Challenger and NGS Super in annuity partnership | Australian Markets
Less than a week after main Da-ichi Life-owned TAL took a 15.5% stake in Challenger, the company has introduced one other annuities partnership with an industry fund – this time Non-Government Schools Super (NGS Super).
TAL’s Challenger stake is seen as a strategic transfer to put the life insurer more clearly in the post-retirement incomes combine and the association with NGS Super displays this by delivering a assured lifetime income option for fund members via a group annuity.
TAL is NGS Super’s group life insurer.
NGS members will be capable of entry the annuity product from subsequent 12 months.
NGS mentioned the new partnership will allow NGS’s 32,000 members aged over 55, who’re planning, for or in retirement, to have better certainty via mixing an account-based pension with a assured, common income for all times.
Announcing the partnership, NGS chief government, Natalie Previtera mentioned the association with Challenger represents a natural match.
“Helping our members retire with confidence is a key priority for us. Partnering with Challenger strengthens our ability to deliver on that goal, combining personalised service, simple education, and smart digital advice to make lifetime income easier to understand and access,” she mentioned.
The NGS partnership represents the latest in a sequence of comparable preparations entered into by Challenger over the previous 18 months.
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