Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
subscribe to our newsletter
Suncorp partners with Challenger to launch annuity product

Suncorp partners with Challenger to launch annuity product

26913 transform
Joshua McDonnell
08 November 2016 — 1 minute read

As part of a white label partnership with Challenger, Suncorp is launching a new annuity product for its customers. 

The new product – to be offered through Suncorp’s adviser network – has been designed to provide individuals with reliable income streams in retirement.

The new deal is part of Suncorp’s broader strategy for developing its financial services marketplace, the bank said.

Advertisement
Advertisement

Suncorp chief officer and managing director, Michael Cameron, said the partnership will see customers provided with expanded financial management options as they look towards retirement.

“We continue to operate in a low-rate, low-growth environment and this type of product is designed to provide customers with a way to deliver a reliable income stream once they have stopped working,” Mr Cameron said.

Meanwhile, Challenger’s chief officer and managing director, Brian Benari, said there is an increasing need for financial stability and security as people approach retirement age.

“Each day, 700 Australians reach retirement age and the number of over-65s is expected to grow to more than seven million over the next 40 years,” Mr Benari said.

“As customers move towards retirement, they need the kind of stable income and long-term financial security that guaranteed annuities provide.” 

Suncorp partners with Challenger to launch annuity product
26913 transform
smsfadviser logo
join the discussion

When do you plan to undertake the exam under the new adviser education standards?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.