Budget opens way for deferred lifetime annuities
Annuities provider Challenger has thrown its support behind the government's commitment in the federal budget to remove tax impediments to products that provide pooled longevity risk, such as deferred lifetime annuities (DLAs).
The new rules will permit a range of options to suit retirees and superannuation funds, with DLAs able to be bought pre-retirement on retirement or post-retirement, with either a single or multiple premiums, Challenger said in a statement.
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