Applying for annuity happens once you have logged into the Netwealth platform, but also references Challenger web pages. This article refers to Challenger lifetime annuities.
This process is for Adviser Representatives (AR) only. If you have an AR, please ask them about this process if you are a client and wish to apply for an annuity.
To read more about fixed term annuities, click here.
Step 1: Netwealth application
a) Log in via the Netwealth platform and navigate via the main menu to Open an Account > Annuity.
b) Select the type of annuity account to open.
c) Enter applicant details:
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Existing Netwealth client |
New Netwealth client |
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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 super or IDPS/wrap account, select ‘Add a New client’ and complete the form as required. |
Non-advised clients (direct clients) cannot apply for this type of annuity. You can only apply for fixed term annuities.
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):
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Step |
Additional client information required |
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Investor information |
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Investment Information |
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Taxation |
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Identity |
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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’.
Online applications must be submitted via this portal, applications cannot be uploaded directly via the Netwealth upload document facility.
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: