Challenger and NGS Super in annuity partnership
Less than a week after major Da-ichi Life-owned TAL took a 15.5% stake in Challenger, the company has announced another annuities partnership with an industry fund – this time Non-Government Schools Super (NGS Super).
TAL’s Challenger stake is seen as a strategic move to place the life insurer more clearly in the post-retirement incomes mix and the arrangement with NGS Super reflects this by delivering a guaranteed lifetime income option for fund members through a group annuity.
TAL is NGS Super’s group life insurer.
NGS members will be able to access the annuity product from next year.
NGS said the new partnership will enable NGS’s 32,000 members aged over 55, who are planning, for or in retirement, to have greater certainty through blending an account-based pension with a guaranteed, regular income for life.
Announcing the partnership, NGS chief executive, Natalie Previtera said the arrangement with Challenger represents a natural fit.
“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 said.
The NGS partnership represents the latest in a series of similar arrangements entered into by Challenger over the past 18 months.
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