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Magellan’s retirement fund to target 4.3pc yield – The Australian Financial Review
Magellan’s new fund will pay monthly distributions to attract income seeking retirees and will have the ability to lean on its parent if required.
It comes six months after Treasury veteran Mike Callaghan tabled his report into retirement income which appeared to endorse calls to develop products such as annuities that provide a guaranteed income.
The review found people were not drawing on their savings over retirement, instead leaving the bulk of their wealth as a bequest. Treasurer Josh Frydenberg said at the time that the report identified the need for a greater range of income products.
On Wednesday, Magellan revealed in a statement to…
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