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The study by MetLife Europe found that 49 per cent of advisers expect demand for variable annuities, or pension products with unit-linked guarantees, to increase over the next 12 months.

Meanwhile, 60 per cent expect confidence in the market to be boosted by more product launches and more providers entering it.

As a result, advisers have recognised the need to deepen their knowledge of unit-linked guarantee products, as 63 per cent of IFAs believe lack of knowledge about the products will hamper the market’s growth.

Dominic Grinstead, strategic development and marketing director at MetLife Europe, said: "[Pensions with unit-linked guarantees] provide an excellent solution for advisers and their clients to the uncertainty posed by inflation and stock market volatility, which are both at the forefront of investors’ minds at present.

"Some industry commentators have said high charges are a barrier to the progress of these products, but this reason was only cited by 11 per cent of our sample of IFAs, whereas only 7 per cent said lack of competition in the market would be the main problem."

Ian Thorneycroft, managing director of IFA SimplyBiz, added: “The unit-linked guarantee concept is relatively new to the UK and advisers are still relatively unfamiliar with it. However, demand is growing."

In June, MetLife launched the first personal pension to offer both capital and income guarantees. Called the NEW Retirement Portfolio, the fully flexible personal pension drawdown plan allows investors to future proof their savings by opting into guarantees when required.