ING Australia has opened a new business unit with an emphasis on investment and retirement solutions to protect baby boomers from the ups and downs of investment risk.

Spokesman Peter Hansen told insuranceNEWS.com.au the retirement and investment solutions business unit will offer annuity-style products that are aimed at baby boomers.

Mr Hansen says as the baby boomer peak is passing, the majority will be moving into the retirement phase and will be drawing down their superannuation.

ING is tapping into the need for retirement income stream products that offer protection against market volatility, longevity and inflation risk.

“The big issue in the current economic climate is market volatility, and our products will have a built-in protection factor to mitigate against these risks,” he said.

The new unit’s first product will be on the market in the middle of next year.