Challenger annuities

Together, Netwealth and Challenger are providing advisers greater access to retirement solutions.

Overview

Applying for and managing annuities 

This guide is for Licensees and advisers.

 

Together, Netwealth and Challenger are providing advisers greater access to retirement solutions.

By logging in to the Netwealth platform, you will be able to:

  • Access a range of Challenger annuities at the same rates as going directly to Challenger
  • Quote and apply for a Challenger annuity
  • View annuity policy details alongside other assets online
  • Access a range of Challenger tools and resources

 

In this module we will cover:

Get started 

How to get started


Before using this tool, consider:

In order to access Challenger annuities via the Netwealth platform you must be a registered Netwealth adviser and have a Netwealth adviser log in.

If you are not registered, you will need to complete the ‘Adviser Code Registration Form’ available via the main menu under Adviser> Forms and Documents > General Forms

There are several resources available to you via the website including the product disclosure statement. Once you have logged into the Netwealth platform, explore Challenger’s tools and resources by navigating via the main menu to Forms and Research > Challenger Annuities.

Important: Ensure you do not have pop-up browser windows blocked.

If you would like to learn more about the role Challenger annuities can play in your business, speak to your Challenger BDM.

Read Challenger’s guide to transferring annuities upon policy maturity here.

How-to-guide

Accessing annuity resources 

 

Log in via the Netwealth platform and navigate via the main menu to Forms & Research and select one of the following resources:

Resource

Detail

Navigation

Challenger tools and resources

Annuity quotes, saved applications, technical articles and calculators.

Forms & Research > Challenger annuities

Challenger forms and documents

Annuity PDS, forms and documents.

Forms & Research > Forms & Disclosure Documents > Challenger Annuities

Challenger annuity rates

View the current weeks rates via PDF.

Forms & Research > Netwealth Approved Assets > Challenger Annuity Rates

 

 

How-to-guide

Applying for an annuity  

 

Applying for annuity happens once you have logged into the Netwealth platform, but also references Challenger web pages.

There are four simple steps to completing an annuity application:

Step 1: Netwealth application
Step 2: Quoting for the annuity
Step 3: Challenger application
Step 4: Challenger annuity established and confirmation letter

 

Step 1: Netwealth application

a) Log in via the Netwealth platform and navigate via the main menu and navigate to Open an Account > Annuity.

b) Select the type of annuity account to open.

c) Enter applicant details:

Existing Netwealth client

New Netwealth client

To add the annuity to an existing Netwealth client’s account, search for an account and the Netwealth application will be pre-filled with existing client data.

To create an annuity account for a client who is not opening a Netwealth a Netwealth super or IDPS/wrap account, select ‘Add a New client’ and complete the form as required.

 

Important note regarding new clients: On clicking ‘Confirm’, the applicant will instantly receive a Welcome Letter from Netwealth with their username and login information for the Netwealth platform.  This will be received via their preferred method of communication (email or post).

d) On selecting ‘Apply’ you will be taken to the Challenger eQuote process (Step 2). 

 

Step 2: Generate an annuity quote (on the Challenger web pages)

a) Select a Challenger annuity product and click ‘Continue.’

Advanced Tip: You can open a recent quote or re-commence an annuity application by clicking on the Quote ID hyperlink under ‘Recent Quotes’ tab.

b) All applicant details already entered in Step 1 will flow through to this quote.

 

c) Enter the annuity options, including Investment amount and Term.

d) Add any adviser remuneration fees.

e) Click ‘Run quote’ and a summary quote will display.

 

f) Review the quote details and click ‘Apply' you will be taken to the Challenger online application process (Step 3) to complete the Challenger application. This will also save the application for later access.

Advanced tip: You can save the quote for future use or download it as a PDF.

 

Step 3: Complete the Challenger application

a) There are several steps you will need to complete, requiring you to have access to certain client information (see table below):

Step

Additional client information required

Investor information
  • Power of attorney details (if applicable).
  • Beneficiary details if different to the default option. 

Investment Information
  • Source of funds being invested e.g. employment income.
  • Payment method - If your client is not funding the annuity using the same back account listed on their Netwealth account, have their funding bank details handy.

Taxation
  • Taxation information, including: residency details, FATCA information, country of citizenship, occupation, primary means of wealth generation, retirement details, tax file number.

Identity
  • Identity documents, such as: drivers licence or passport details.

 

b) The final step in the process, Authorisation, requires you to complete the following steps:

  • Validate the application before the application is finally submitted.
  • Check all fields are completed by validating the Challenger application (you will not be able to submit the application until the missing information is provided).
  • Download the Challenger application in PDF for client review and signature.

c) Upload the signed Challenger application PDF. 

d) Click ‘Submit’

 

Step 4: Challenger annuity established and confirmation letter

a) The annuity account will be set up via Netwealth once the annuity funds heave cleared from the source. The annuity will commence on the day we receive all outstanding information and monies. This may be the next NSW business day, if received after 3pm or on a non-business day in NSW. You will receive the Challenger rates applicable at the time.

b) Challenger will send an annuity welcome letter to Netwealth, the adviser and then the client via their preferred method of communication:

For clients with electronic communications

For clients with postal communications

Clients who have email as their preferred method of correspondence (set up during Step 1) will be sent an email asking them to log in to the Netwealth platform and view their Challenger annuity welcome letter. 

They can access it once they have logged in by navigating via the Main Menu to Reports and Statements >Document Library.

Adviser can access this document too, by logging into their Netwealth account, selecting a client and navigating via the Main Menu to Reports and Statements >Document Library.

Clients who have selected post as their preferred method of communication will receive their Challenger annuity welcome letter in the post.

 
How-to-guide

How to manage your client's annuity online

 

Netwealth provides a number of ways to manage a client's annuity account.  To do so, login to the Netwealth platform and select a client and their annuity account.  You will then be able to access the following features:

Annuity management

Detail

Navigation

View the notional annuity value

View the notional value of the annuity - via the holdings screen.

Portfolio > Dashboard and Portfolio > Holdings

View annuity maturity tasks

In the ‘My Tasks’ section of the dashboard, any annuity maturing within 8 weeks will be displayed.

Portfolio > Dashboard

View annuity alongside other client assets

Consolidated view of annuity and other client holdings. 

Portfolio > Holdings

Download portfolio valuation report

This report provides details of portfolio holdings including number of units, average cost, unit price and value of the annuity as at the selected report date.

Reports and Statements

Download annuity policy details report

This report provides annuity policy details including client contact information, product details, payment method, etc.

Reports and Statements

Download annuity annual statement

This report is available only if income was paid during the financial year.

Reports and Statements > Statements

Download annuity client correspondence

Download all Challenger correspondence.

Reports and Statements > Document Library

View annuity transaction history

View transaction data received overnight from Challenger including income payments to the client’s linked annuity bank account.

Transactions > Search Transactions > Transactions

View annuity policy details

View annuity policy details including the current withdrawal value.

 

Client Details > Annuity Policy Details

Request a Centrelink schedule

Request for Centrelink schedules and have them completed overnight.

Client Details > Annuity Policy Details

Update annuity bank account details

Update payment source for the annuity.

Client Details > Bank Settings

Update client personal details

Update the personal and contact information for the annuity.

Client Details > Personal details

 

Frequently Asked Questions
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