change and opportunity - fpa · 2019. 7. 4. · change and opportunity challenger 2019 fpa national...
TRANSCRIPT
Retirement income planning
considerations
Change and opportunity
Challenger
2019 FPA National Roadshow
Post-retirement is big, and
getting bigger
Some context for retirement planning
3
Post-retirement is big, and getting bigger
Some context for retirement planning
1. Growth in superannuation system assets, based on APRA data.
2. Willis Towers Watson Global Pension Study 2018.
3. Rice Warner 2017 superannuation projections.
4. 1997 to 2018: APRA data. 2019 – 2032: Based on Rice Warner 2017 superannuation projections applied to 2018 APRA superannuation assets.
Market growth supported by
• Mandatory and increasing contributions
• Earnings compounding
• Population growth and ageing demographics
Resulting in
• 9% CAGR growth over last 10 years1
• 4th largest global pension market2
• Assets expected to double in next 10 years3
2,000
4,000
6,000
8,000
Australian superannuation growth4($bn)
4
Demographics
• Ageing population
• Australians have one of world’s longest life expectancies2
• Medical and mortality improvements increasing longevity
Mandatory and increasing contributions
• Increasing from 9.5% to 12.0%1
+33% over next 10 years
Some context for retirement planningPost-retirement is big, and getting bigger
1. Percentage of gross wages required to be contributed to superannuation. Contribution rate increases to 10% on 1 July 2021 and increases by 0.5% per annum until reaching 12% on 1
July 2025.
2. World Health Organisation.
3. Australian Bureau of Statistics population projections (Cat No. 3222.0 Series B middle projections).
Superannuation Guarantee contribution rate1
1992 1997 2002 2015 2025
Number of Australians
over 65 increasing3
+59% over next 20 years
3.0% 6.0% 9.0% 10.0% 10.5% 11.0% 11.5% 12.0%
2021 2022 2023 2024
9.5%
5
2,500
5,000
7,500
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Projected superannuation assets2($bn)
Post-retirement assets - superannuation spending phase
Pre-retirement assets - superannuation savings phase
Post-retirement is big, and getting bigger
Some context for retirement planning
1. Australian Taxation Office.
2. Based on Rice Warner 2017 superannuation projections applied to 2018 APRA superannuation assets.
Post-retirement (super spending) phase
• Supported by
• ageing demographics
• rising superannuation savings
• Government and industry enhancing
retirement phase
Annual transfer from pre to post
retirement phase ~$60bn1 in 2018
6
Post-retirement is big, and getting bigger
Some context for retirement planning
1. Based on APRA and ATO data.
2. APRA’s Annual Superannuation Bulletin June 2018 edition and Annual Fund-level Superannuation Statistics report June 2018.
• Superannuation guarantee system
not fully mature – established 26
years ago
• Operating for only half the
working life of today’s retirees
• One in four superannuation
dollars now supporting
retirement1
• Super system starting to make a
significant contribution to the lives
of Australian retirees
226k
239k
254k
262k
277k
301k
323k
367k
387k
509k
Colonial First State
AMP
MLC
REST
First State Super
BT
SunSuper
Qsuper
AustralianSuper
Unisuper
10 largest super funds – average retiree member balance2
7
• Average household wealth at retirement $350k
to $500k range1
(excluding family home)
• Age pension subject to assets and income tests
• 2.5m Australians receiving some age pension support
• Portion of retirees on full age pension expected to
reduce from 42% to 30% over next 7 years
• However
• number of retirees receiving support increasing
• Government age pension cost increasing
• Super system increasingly supplementing or
substituting age pension
Post-retirement is big, and getting bigger
Some context for retirement planning
1. Average household wealth includes superannuation and non-superannuation assets and excludes the family home.
2. Source – 2010 and 2018 Actual: Australian Government Department of Social Services and Department of Veteran Affairs; 2025 Forecast: The Association of Superannuation
Funds of Australia (ASFA) projection.
Fully self
sufficient27%
Fully self
sufficient31%
Fully self
sufficient40%
29%27%
30%
44% 42%
30%
2010Actual
2018Actual
2025Forecast
Portion of retirees reliant on age pension2
Full rate Government age pension
Part rate Government age pension
No Government age pension
8
The Government’s Retirement Income Framework
Some context for retirement planning
Retirement Income Framework
1. Boosting retirement income choices – new retirement product rules 1 July 2017
2. New means test rules – for lifetime products from 1 July 2019
3. Retirement Income Covenant – member retirement strategy by 1 July 2020
4. CIPRs1
– Superannuation funds required to offer CIPRs by 1 July 2022
1. Comprehensive Income Products for Retirement (CIPRs) – a feature of the Government’s new Retirement Income Framework.
Retirement income planning
considerations
Change and opportunity
10
Retirement income planning considerations
Change and opportunity
Now to 30 June 2019
2019/2020Other
change
Retirement planning considerations
Now to 30 June 2019
12
• Maximising super contributions
• Pre-1 July 2019 applications of lifetime income streams
Retirement income planning considerationsNow to 30 June 2019
13
Maximising super contributionsThe opportunity before 1 July 2019
Concessional super contributions
• $25,000 annual cap
• 10% rule no longer applies
• Remember the paperwork
• Remember other concessional contributions
• Additional tax for higher income earners
Non-concessional super contributions
• $100,000 annual cap
• Up to $300,000 bring-forward
• TSB restrictions may apply
Eligibility
• Age limits apply
• Gainful employment may be required
Downsizing super contributions available since 1 July 2018
14
Pre-1 July 2019 applications of lifetime income streamsInteraction between the assets and income tests
Assumes all assets are financial investments and subject to deeming.
Rates and thresholds current at 20 March 2019
15
• Deduction amount reduces both assessable asset value and income
• Consider pre-1 July 2019 Assets and Income test planning opportunities
Pre-1 July 2019 applications of lifetime income streamsSocial Security assessment of lifetime income streams purchased pre-1 July
20191
1Lifetime annuity purchased on or after 20 September 2007 and before 1 July 2019
70-year old male, no reversionary benefit.
Deduction amount is $6,532 ($100,000/15.31), based on Australian Life Tables 2010-12
Ass
es
se
d
as
se
t valu
e
Term elapsed
16
Last opportunity to access current means test assessment for Liquid Lifetime
Annuity (Regular income option) - 15 year withdrawal period
Pre-1 July 2019 applications of lifetime income streams
65 year old female. Challenger Liquid Lifetime annuity, monthly payments, CPI indexation. Regular income option with maximum withdrawal guarantee
Retirement planning considerations
2019/2020
18
• Carry-forward super contributions
• Super work test exemption
• Expansion of the Pension Loans Scheme
• Means testing of lifetime income streams
• Means testing of certain life insurance benefits
Retirement income planning considerations2019/20
19
Carry-forward super contributionsOptimising pre-retirement contributions
Since 1 July 2018
• Start to accrue unused CC cap amounts (based on rolling 5-year basis)
From 1 July 2019
• Access previously accrued unused cc cap amounts if:
• Total super balance1 on 30 June of prior FY is less than $500,000 threshold (not indexed)
• Used after current year’s cap is exhausted
• Total super balance1 assessed each year, opportunity to access unused amount may vary year to year
1. Total super balance includes accumulation phase balance, adjusted transfer balance account, balance of account-based income streams, rollovers in transit less structured settlements.
20
• An exemption from the super work (gainful employment) test from 1 July 2019:
• For individuals aged 65-74
• With a total super balance of less than $300,000 (prior 30 June)
• For 12 months from the end of the financial year in which they last met the work test
• Subject to existing concessional and non-concessional caps
• Bring-forward provisions available
• No prior contributions under this arrangement
Super work test exemptionIncreased flexibility for super contributions
21
Expansion of the Pension Loans SchemeBorrowing for additional income in retirement
• From 1 July 2019 eligibility of the PLS extended to all Australians of Age Pension age
• Under the PLS fortnightly payments are available to supplement income
• Payments are drawn down from equity in a property and accumulate as a debt with interest
• Current interest rate is 5.25% p.a.
• Payments are non-taxable and generally not means tested
• Repayments are generally made from eventual sale proceeds of the property
• Increase maximum combined Age Pension and PLS to 150% (from 100%) of the Age Pension rate
• The Government estimates around 6,000 eligible pensioners to take up a loan over the next four years
22
• On 14 February 2019 the Government passed legislation amending the means testing of lifetime
income streams (“Asset-tested income stream (lifetime)”) commenced on or after 1 July 2019
• Royal Assent 1 March 2019
• No change for account-based or term income streams
• Grandfathering of pre-1 July 2019 lifetime income streams under the current rules
• Current means test rules continue to apply
Means testing of lifetime income streamsLifetime income streams commenced on or after 1 July 2019
23
• Lifetime income streams that meet the rules of Innovative Superannuation Income Streams
(with a reducing capital schedule)
• Income test: 60% of payments as income (for deferred lifetime products income will only be assessed
from when payments commence); and
• Assets test: 60% of purchase price as an asset until age 841, or for a minimum of 5 years, and 30%
thereafter
Means testing of lifetime income streamsLifetime income streams commenced on or after 1 July 2019
1 These rules link this initial assets test assessment to a period equal to the life expectancy of a 65 year old male at the commencement of the income stream, currently age 84. This will change
from time to time with new life tables
24
Means testing of lifetime income streamsDeclining capital access schedule
Source: Treasury Retirement Income Streams Review, 2016, 65 year old male
25
Means testing of lifetime income streamsLiquid Lifetime Annuity (Flexible income option)
65 year old female. Challenger Liquid Lifetime annuity, monthly payments, CPI indexation. Flexible income option with maximum withdrawal period
26
• Products that do not meet the rules of Innovative Superannuation Income Streams
(with a withdrawal or death benefit above the reducing capital schedule)
• Income test: 60% of payments as income; and
• Assets test: Asset value equal to the greater of:
• the amount determined under the new rules (60% until age 841, or for a minimum of 5 years, and
30% thereafter);
• the value of any current or future surrender value; and
• the value of any current or future death value
Means testing of lifetime income streamsLifetime income streams commenced on or after 1 July 2019
1 These rules link this initial assets test assessment to a period equal to the life expectancy of a 65 year old male at the commencement of the income stream, currently age 84. This will change
from time to time with new life tables
27
Liquid Lifetime Annuity (Regular income option) - 15 year withdrawal period
Means testing of lifetime income streams
65 year old female. Challenger Liquid Lifetime annuity, monthly payments, CPI indexation. Regular income option with maximum withdrawal guarantee
28
New means testing of lifetime income streams
$-
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90
Assessed
in
co
me v
alu
e
Age
Current rules - Liquid Lifetime (Regular 100% WG) New rules - Liquid Lifetime (Regular 100% WG)
Current rules - Liquid Lifetime (Flexible) New rules - Liquid Lifetime (Flexible)
Current vs new income test assessment
Based on a Challenger Lifetime Annuity quoted 19/02/2019 for a 66-year old male with an investment amount of $100,000, monthly payments, Flexible option with maximum withdrawal period (17
years) and first year payment of $5,214 and Regular option with 100% withdrawal guarantee after 15 years and first year payment of $3,292, CPI indexation and nil adviser fees.
29
New means testing of lifetime income streams
$-
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90
Assessed
asset
valu
e
Age
Current rules - Liquid Lifetime (Regular/Flexible) New rules - Liquid Lifetime (Flexible)
New rules - Liquid Lifetime (Regular 100% WG)
Current vs new assets test assessment
Based on a Challenger Lifetime Annuity quoted 19/02//2019 for a 66-year old male with an investment amount of $100,000, monthly payments, Flexible option with maximum withdrawal period (17
years) and Regular option with 100% withdrawal guarantee after 15 years, CPI indexation and nil adviser fees.
30
• Appropriate valuation of non-financial assets
• Improvements to the family home
• Spending
• Gifting?
• Funeral bond / prepaid funeral expenses
• Super for a spouse less than Age Pension age
• Lifetime income stream
New means testing of lifetime income streamsOne of just a handful of assets and income test “strategies”
31
Means testing of lifetime income streams
• Assets above the lower assets threshold reduce Age Pension by $3 p.f. ($78 p.a.) for each
$1,000 of assets
• An assets test sensitive client (receiving a part Age Pension because of the assets test)
who reduces assessable assets by $1,000 will increase their Age Pension by $78 p.a.
• For an assets test sensitive client1, a $100,000 investment in an asset-tested income
stream (lifetime):
• Immediately reduces assessable assets by $40,0002 increasing Age Pension by $3,120
p.a. (40 x $78 p.a.)
The Age Pension effect of a reduction in assessable assets
1. Assumes client remain assets test sensitive throughout any comparison period.
2. Reduction from purchase price and/or alternative strategy where capital is maintained.
32
Means testing of lifetime income streams
• Wendy and Walt (both aged 66) are a couple and own their home
• They have $300,000 each in super assets and are looking to commence income
streams
• Their investor risk profile is 50% defensive and 50% growth
• They have $20,000 in personal assets and $50,000 in cash and TDs
• They want retirement income of $60,977 p.a. (indexed)
• But they need $42,000 p.a. (indexed) to meet essentials
• Wendy and Walt are interested in both their Age Pension and total retirement income
outcomes
Wendy and Walt
33
Means testing of lifetime income streamsWendy and Walt: Account-based pensions
Source: Challenger Retirement Illustrator (Beta version 28/03/2019) using Social Security rates and thresholds effective 20 March 2019. 66 year old couple. $300,000
investment each in account-based pensions 50% defensive/50% growth. Assumes returns of 3.7% p.a. for defensive assets and 7.7% p.a. for growth assets before fees.
$50,000 cash/TDs earning 3% p.a. interest. Non-financial assets of $20,000. Amounts shown are in today’s dollars. CPI of 2.5% p.a.
34
Means testing of lifetime income streamsWendy and Walt: Account-based pensions + a layer of guaranteed income
Source: Challenger Retirement Illustrator (Beta version 28/03/2019) using Social Security rates and thresholds effective 20 March 2019. 66 year old couple. $225,000
investment each in account-based pensions 33% defensive/67% growth. Assumes returns of 3.7% p.a. for defensive assets and 7.7% p.a. for growth assets before fees.
$75,000 investment each in Challenger Guaranteed (Liquid Lifetime) Annuities (Flexible Income option). Maximum withdrawal period equal to life expectancy (rounded down).
Lifetime income streams commenced on or after 1 July 2019. Rates effective 28 March 2019 and subject to change. $50,000 cash/TDs earning 3% p.a. interest. Non-financial
assets of $20,000. Amounts shown are in today’s dollars. CPI of 2.5% p.a.
35
Means testing of lifetime income streamsWendy and Walt: Age Pension analysis
Year Age Pension
(ABP only)
Age Pension
(ABP +
Lifetime)
Age pension
increase
Cumulative Age
Pension
increase
1 $14,266 $18,946 $4,680 $ 4,680
2 $17,022 $20,922 $3,900 $ 8,580
3 $19,583 $22,781 $3,198 $11,778
4 $21,988 $24,523 $2,535 $14,313
5 $24,276 $26,148 $1,872 $16,185
6 $26,409 $27,696 $1,287 $17,472
7 $28,386 $29,166 $ 780 $18,252
8 $30,286 $30,520 $ 234 $18,486
9 $32,068 $31,834 -$ 234 $18,252
10 $33,734 $33,032 -$ 702 $17,550
Source: Challenger Retirement Illustrator (Beta version 28/03/2019) using Social Security rates and thresholds effective 20 March 2019. 66 year old couple. $225,000
investment each in account-based pensions 33% defensive/67% growth. Assumes returns of 3.7% p.a. for defensive assets and 7.7% p.a. for growth assets before fees.
$75,000 investment each in Challenger Guaranteed (Liquid Lifetime) Annuities (Flexible Income option). Maximum withdrawal period equal to life expectancy (rounded down).
Lifetime income streams commenced on or after 1 July 2019. Rates effective 28 March 2019 and subject to change. $50,000 cash/TDs earning 3% p.a. interest. Non-financial
assets of $20,000. Amounts shown are in today’s dollars. CPI of 2.5% p.a.
36
Means testing of lifetime income streamsWendy and Walt: Longevity solution
1. 1 ALT 2010-12, with 25 year improvement factors. Assumes both persons exactly age 65, calculated at July 2018
Couple life expectancy with improvements: 93
Standard population couple life expectancy: 90
0.0%
2.0%
4.0%
6.0%
8.0%
65 67 69 71 73 75 77 79 81 83 85 87 89 91 93 95 97 99 101 103 105 107 109 Age
Likelihood of savings needing to last to exact ages1
73.5% chance will need assets to last past age 90!
9.3% of couples may need
assets to last past age 100
37
Means testing of lifetime income streamsWendy and Walt: Retirement outcomes (2,000 possible market scenarios)
Source: Challenger Retirement Illustrator (Beta version 28/03/2019) using Social Security rates and thresholds effective 20 March 2019. 66 year old couple. $225,000
investment each in account-based pensions 33% defensive/67% growth. Assumes returns of 3.7% p.a. for defensive assets and 7.7% p.a. for growth assets before fees.
$75,000 investment each in Challenger Guaranteed (Liquid Lifetime) Annuities (Flexible Income option). Maximum withdrawal period equal to life expectancy (rounded down).
Lifetime income streams commenced on or after 1 July 2019. Rates effective 28 March 2019 and subject to change. $50,000 cash/TDs earning 3% p.a. interest. Non-financial
assets of $20,000. Amounts shown are in today’s dollars. CPI of 2.5% p.a.
38
Means testing of lifetime income streamsWendy and Walt: Estate planning outcomes
Source: Challenger Retirement Illustrator (Beta version 28/03/2019) using Social Security rates and thresholds effective 20 March 2019. 66 year old couple. $225,000
investment each in account-based pensions 33% defensive/67% growth. $75,000 investment each in Challenger Guaranteed (Liquid Lifetime) Annuities (Flexible Income option).
Maximum withdrawal period equal to life expectancy (rounded down). Lifetime income streams commenced on or after 1 July 2019. Rates effective 28 March 2019 and subject
to change. $50,000 cash/TDs earning 3% p.a. interest. Non-financial assets of $20,000. Amounts shown are in today’s dollars. CPI of 2.5% p.a. Median estate value of 2,00
market scenarios shown.
39
• Change to the Assets Test assessment of investment-type life policies
• Acquired by a person on or after Age Pension age
• Where the premium paid in any period of 12 months exceeds 15% of the maximum death benefit
payable
• Assets Test assess the greater of:
• Surrender value of the policy; or
• Sum of premiums paid less any commuted amounts
Means testing of certain life insurance benefitsAssessment of certain life policies commenced on or after 1 July 2019
Retirement planning considerations
Other change
41
• Innovative super income streams
• A re-elected coalition Government announcements impacting retirement income
Retirement income planning considerationsOther change
42
• An additional set of income stream rules (new category income streams) increasing flexibility for retirees
available since 1 July 2017
• No requirement to satisfy SIS minimum payments
• Classified as retirement phase income streams and qualify for tax-free earnings after a condition of
release has been satisfied
• Subject to a “declining capital access schedule”
• Limits lump sum commutations and death benefits but does not restrict income payments
Innovative super income streamsIncreased income options for retirees
43
Innovative super income streamsIncluding Deferred Lifetime Annuities (DLAs)
Adviser use only. PDS available from www.challenger.com.au.
44
A deferred lifetime income stream
• Bill is a 66 year old single bloke who owns his own home
• He has $450,000 in super and is considering retirement income alternatives
• His risk profile is 50% defensive and 50% growth
• He has $20,000 in personal assets and $30,000 in cash and TDs
• He wants retirement income of $43,317 p.a. (ASFA comfortable)
• He can’t live on the single Age Pension of $23,824 p.a.
• But, he could get by with the Age Pension plus $5,200 p.a.
• His adviser is considering either:
• Everything in an ABP;
• 25% allocation to an Immediate Lifetime Annuity; or
• 12.5% allocation to a Deferred Lifetime Annuity (10-year deferral)
Bill
45
A deferred lifetime income streamBill: ABP only
Source: Challenger Retirement Illustrator (Beta version 08/04/2019) using Social Security rates and thresholds effective 20 March 2019. 66 year old single. $450,000 investment
each in account-based pensions 50% defensive/50% growth. Assumes returns of 3.7% p.a. for defensive assets and 7.7% p.a. for growth assets before fees. $30,000 cash/TDs
earning 3% p.a. interest. Non-financial assets of $20,000. Amounts shown are in today’s dollars. CPI of 2.5% p.a.
46
A deferred lifetime income streamBill: ABP + 25% allocation to an Immediate Lifetime Annuity
Source: Challenger Retirement Illustrator (Beta version 8/04/2019) using Social Security rates and thresholds effective 20 March 2019. 66 year old single. $337,500 investment
each in account-based pension. Assumes returns of 3.7% p.a. for defensive assets and 7.7% p.a. for growth assets before fees. $112,500 investment in Challenger Guaranteed
(Liquid Lifetime) Annuity (Flexible Income option). Maximum withdrawal period equal to life expectancy (rounded down). Lifetime income streams commenced on or after 1 July
2019. Rates effective 08/04/2019 and subject to change. $30,000 cash/TDs earning 3% p.a. interest. Non-financial assets of $20,000. Amounts shown are in today’s dollars.
CPI of 2.5% p.a.
47
A deferred lifetime income streamBill: ABP + 12.5% allocation to a Deferred Lifetime Annuity (10-year deferral)
Source: Challenger Retirement Illustrator (Beta version 8/04/2019) using Social Security rates and thresholds effective 20 March 2019. 66 year old single. $393,750 investment
each in account-based pension. Assumes returns of 3.7% p.a. for defensive assets and 7.7% p.a. for growth assets before fees. $56,250 investment in Challenger Guaranteed
(Liquid Lifetime) Annuity (Flexible Income option). Maximum withdrawal period equal to life expectancy (rounded down). Lifetime income streams commenced on or after 1 July
2019. Rates effective 08/04/2019 and subject to change. $30,000 cash/TDs earning 3% p.a. interest. Non-financial assets of $20,000. Amounts shown are in today’s dollars.
CPI of 2.5% p.a.
48
• Pre 1 July 2019
• All deferred pooled lifetime income stream products purchased before 1 July 2019, including
deferred income stream products in a deferral period at 1 July 2019, will be assessed under the
existing rules for long-term asset-tested income streams1
• Post 1 July 2019
• Income test: 60% of payments as income (for deferred lifetime products income will only be assessed
from when payments commence); and
• Assets test: 60% of purchase price as an asset until age 841, or for a minimum of 5 years, and 30%
thereafter
Innovative super income streamsMeans testing assessment of DLAs confirmed
1. https://www.dss.gov.au/seniors-budget-measures/means-test-rules-for-pooled-lifetime-income-streams
49
• Tax cuts increasing capacity for retirement savings
• Increase to the Low and Middle Income Tax Offset (2018-19 to 2021-22)
• Increase to the Low Income Tax Offset (from 2022-23)
• Changes to marginal tax thresholds (from 2022-23) and rates (from 2024-25)
• More flexible super contributions for some older clients
• From 1 July 2020 persons aged 65 and 66 will be able to:
• Make voluntary super contributions without meeting the work test
• Make up to 3 years of non-concessional contributions under the bring forward rule
• From 1 July 2020 persons up to and including age 74 will be able to receive spouse contributions
A re-elected Coalition GovernmentAnnouncements impacting retirement income
Adviser tools and
resources
Change and opportunity
51
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52
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Disclaimer. The information contained in this presentation is current as at 10 April 2019 unless otherwise specified. It is provided as
shown by Challenger Retirement and Investment Services Limited (CRISL) ABN 80 115 534 453, AFSL 295642, Challenger Life
Company Limited ABN 44 072 486 938, AFSL 234670 ("Challenger Life") and is intended solely for holders of an Australian
financial services licence or other wholesale clients (as defined in the Corporations Act 2001 (Cth)). The information contained in
the presentation must not be passed on to retail clients. It is presented for information purposes only and is intended as general
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information, none of the presenters give any representation or warranty, either express or implied, as to the accuracy,
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Disclaimer
Challenger Life is the issuer of annuities under the Challenger Guaranteed Income Plan, Challenger Guaranteed
Income Plan (Complying Annuity), Challenger Guaranteed Income Plan (Liquid Lifetime), Challenger Guaranteed
Annuity, Challenger Guaranteed Annuity (Complying) and Challenger Guaranteed Annuity (Liquid Lifetime). CRISL
issuers interests in the Challenger Guaranteed Income Fund ARSN 139 607 122. Offers of interests in these
products are contained in the relevant current product disclosure statements (“PDS”) which are on the website
www.challenger.com.au. The relevant PDS should be considered before making any investment decision. Past
performance is not a reliable indicator of future performance.
Any opinions expressed in this presentation (including any as to future matters) may be subject to change. This is
because outcomes may be affected by known or unknown risks and uncertainties that are not able to be presently
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