Financial Risk Solutions (FRS), provider of investment administration software to asset owners and life and pensions companies worldwide, today announced Generation Life, an Australian leading provider of tax-effective investment bonds, has launched an investment-linked lifetime annuity solution using FRS’s Invest|Pro™ as a key component of Generation Life’s technology supporting the lifetime annuity. FRS specifically adapted its award-winning unit-linked software platform to support the investment-linked annuity’s unit pricing requirements and to comply with Australian tax rules.

FRS’s Invest|Pro™ software is automating unit pricing, cash allocation and rebalancing, tax accruals, investment accounting and reporting for Generation Life. The solution also provides advanced reporting and analytics, audit trails for all activity, email alerts and dashboard monitoring.

Drawing on FRS’ global expertise, the Invest|Pro™ technology has assisted Generation Life in bringing this new investment-linked annuity offering to market with effective risk controls yet having light human touch in the investment administration process. The decumulation solution offers a choice of 23 investment options, using glide path solutions with different tax treatments embedded in the technology.

Patrick Clarke, General Manager – Retirement Solutions at Generation Life, said;

“We are very excited about this pioneering solution which meets advisers’ growing needs for innovative retirement income solutions to maximise the quality of their client’s lifestyle in retirement. We are especially proud to be the first firm to launch an investment-linked lifetime annuity solution in the Australian market, which is designed to complement other solutions available.”

John Laver, Head of Investment at Generation Life, said;

“Our investment administration system Invest|Pro™ from FRS plays an important role in the management of the solution and has helped grow our range of offerings. As one of the leaders in after-tax investing in Australia, we look forward to applying our innovative approach and expertise in managing life event solutions to the annuity market and contributing to the growth of the market for the benefit of Australian retirees.”

Frank Carr, CMO at FRS, commented;

“Market-leading tax-effective investment bonds company, Generation Life has again displayed its innovative culture by being the very first firm to launch an investment-linked lifetime annuity solution using Invest|Pro™ in the mature Australian pension market. FRS are very honoured to play a part in the launch of this exciting product and Generation Life’s growth strategy.”