Just Retirement has launched a set of products targeted at providing pension freedoms.
Stephen Lowe, annuity provider’s director of external affairs, said the proposition provided the best of both worlds - giving customers a guaranteed income for life and a flexible fund which can be accessed from time to time.
This will be combined with a new range of services including new online support and an investment platform with a focused range of low-cost funds.
Mr Lowe said: “Just Retirement’s individually underwritten guaranteed lifetime income solutions will continue to offer competitive terms for those with medical conditions and lifestyle factors that may shorten their life expectancy.
“Advisers may now create guaranteed money back solutions by extending the guaranteed periods and lump-sum withdrawals beyond the 25 per cent pension commencement lump sum will be enabled.
“Our objective is to help all middle Britain clients secure the right retirement for themselves and these new products will meet the financial needs of this wide community.”
Just Retirement’s proposition will allow savers to create a guaranteed income to match their outgoings and create a flexible fund with any excess.
This can then be used to top up their income if their outgoings increase or for capital purchases.
Mr Lowe said: “Previously if you wanted flexibility you have drawdown and if you want a guaranteed income you have an annuity.
“The market now allows you to have a bit of both. The solution is to create a mix and match approach.”
He added that the firm was not yet in a position to announce the full details of the product, such as its fees, but said it would be rolled out from April.
This week Just Retirement’s shares rocketed by 17 per cent following the release of the provider’s half-year results.
The firm posting a £9.2m pre-tax loss but this was offset by stronger than anticipated annuity sales which were down just 4 per cent.
