Not to be outdone by the likes of Fidelity, Vanguard and John Hancock, Schwab has unveiled its version of the retirement income mutual fund.

Schwab Premier Income Fund, aimed at retirement-age individuals, will invest primarily in bonds sand may also invest in equities, according to an SEC filing.

"People have been trying to move away from insurance annuity-type products," Kim Daifotis, head of fixed income at Schwab Investment Management, told The Wall Street Journal. "This is the first thing we are delivering in response."

The fund is available in three share classes -- investor, select and institutional. Expense ratios are 87 bps, 72 bps and 63 bps, respectively.

State Street serves as custodian and fund accountant.

The fund's launch comes as asset management firms are rushing to offer products that promise to address the needs of the baby boomer market.

Fidelity brought its retirement income mutual funds to market in early October. Vanguard, for its part, filed with the SEC for its own line of such funds a week before that. Then there's John Hancock, which communicated its intent to roll out retirement income funds in an SEC filing in mid-October.  

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