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STAFF WRITER  |  MONDAY, 7 APR 2014
... (SMSF) viability. We also look at the UK government's decision to introduce 'pension choice' and how this may affect the annuities industry. We also speak to the Shadow Financial Services and Superannuation Minister Bernie Ripoll for our back page profile. ...

British govt to introduce pension choice

ALEX DUNNIN  |  FRIDAY, 21 MAR 2014
... currently are allowed to take 25% of their retirement lump sum tax-free and even though three-quarters of retirees purchase annuities from life insurance companies, if they do withdraw the entirety of their lump sum it attracts a 55% tax rate. There ...

FEATURE: Insuring against longevity risk

JAMES FERNYHOUGH  |  FRIDAY, 14 MAR 2014
... government has delayed it). The other is developing products that insure against longevity risk, such as deferred lifetime annuities. ASFA's emphasis on annuities and longevity risk products is in line with the OECD's recommendations. For the full story ...

MetLife launches long-awaited retirement product

JAMES FERNYHOUGH  |  TUESDAY, 4 MAR 2014
... including guarantee fees, below 2.0%." Arora said the lifetime growth annuity product differed from traditional lifetime annuities in that there was the potential for returns to rise with markets (hence the 'growth' element). There is also always the ...

Challenger reports record annuities sales

JAMES FERNYHOUGH  |  TUESDAY, 18 FEB 2014
Challenger has reported "exceptionally strong" retail annuities sales in the half year up to December, rising by a record 38% to $1.46 billion. Overall Challenger's retail and institutional sales reached $1.75 billion. In the retail space, 19% of annuities ...

Actuaries call for overhaul of retirement phase rules

JAMES FERNYHOUGH  |  MONDAY, 17 FEB 2014
... working. In its pre-budget submission to Treasury, the Actuaries Institute also recommended bringing deferred lifetime annuities under the same tax regime as other post-retirement income products. The submission referred to Assistant Treasurer Arthur ...

ASFA calls for clarity on retirement income review

JAMES FERNYHOUGH  |  WEDNESDAY, 5 FEB 2014
... of reference for its review of retirement income stream regulations, including the tax treatment of deferred lifetime annuities (DLAs). In December last year, the minister responsible for financial services and superannuation, Arthur Sinodinos, said ...

Government scraps Labor's annuities reforms

JAMES FERNYHOUGH  |  MONDAY, 16 DEC 2013
... government will not proceed with Labor's plan to grant tax concessions to retirement income derived from deferred lifetime annuities (DLAs). Under Labor's proposed legislation announced as part of the 2013-14 budget, DLA earnings would have received ...

Challenger acquires SMSF business

MARK SMITH  |  MONDAY, 16 DEC 2013
... review of the regulatory arrangements for retirement income streams. "Longevity insurance products like deferred lifetime annuities are likely to hold appeal for SMSFs if designed with their particular needs in mind," Benari continued. "We look forward ...

AllianceBernstein targets retirees with high yield fund

LAURA MILLAN  |  WEDNESDAY, 20 NOV 2013
... cash rate." The product is suitable for retirees looking to diversify their range of income sources aside from cash and annuities.