Local Government Super has partnered with Challenger to offer its members Challenger-backed guaranteed income annuity products.

Local Government Super CEO Peter Lambert said the partnership would help its members make better financial choices for retirement.

“As many of our members move into retirement it’s critical they have access to guaranteed retirement income solutions which help protect them from the risk of outliving their savings. We are pleased to be at the forefront in enabling members to develop portfolios that feature longevity products,” Mr Lambert said.

“Challenger strongly encourages these partnerships as a way to help retirees manage their financial affairs with greater certainty and flexibility after accumulating savings in industry funds over many years,” Challenger’s distribution, marketing and research chief executive, Paul Rogan said.

“Making our annuities available to industry funds to provide their members with guaranteed income streams is a key strategic driver of growth in the retirement income market for Challenger.”

Local Government Super manages over $9 billion of retirement savings for 90,000 current and former local government employees. Its members will access Challenger backed annuities through the aaspire administrative platform of AAS, part of the Link Group.

In addition to Local Government Super, Challenger is partnering with two other funds, through the AAS platform: legalsuper and CareSuper, which are expected to go live later this year.