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Niche life assurer MGM Advantage has been head-hunting top staff from rival providers in an attempt to boost its annuity team.

The recruitment drive forms part of the life office's ambitious growth plans, and follows a rebrand from former MGM Assurance and its relaunch into the enhanced annuity sector earlier in June.

So individuals from Partnership and Prudential have moved over with more top appointments in the pipeline, MGM Advantage said.

Prudential has confirmed that long-standing employee Aston Goody will step down in August. Goody is employed as Pru's head of business development on its annuities team and has championed with-profits annuities as well as working on Pru's new income drawdown product.

In addition, Eyeedul Haque from Partnership was confirmed as MGM Advantage's next proposition manager.

A spokesperson at Partnership confirmed that Mark Hurrell was also leaving the firm, although it is not clear whether he will be following the same path Mr Haque is taking to MGM Advantage.

Commenting on the annuity market at large, Bob Bullivant, CEO of Annuity Direct, estimated the annuities market could be worth close to £30bn in 10 years' time and said the market for referrals from IFAs was set to grow.

He said: "Providers estimate that 40 per cent of people at retirement could get an enhanced or income protected annuity and going by our numbers only about 10 per cent actually do.

"We have also got a position where only one in three people exercises their right to access their open market option and that has got to be put right. If more people use the open market option there is more business in the market, which is going to be properly brokered which opens up the market for people like MGM Advantage.

"I absolutely fail to understand why it is that life companies are not being forced to make it clear open market options should be looked at."

"Advice for retirement products is more complex than before and we have a number of IFAs sending clients to us. I believe the market for referrals will grow."

Speaking earlier this year, Craig Fazzini-Jones, director and head of MGM Advantage Designs for Retirement, highlighted the growing importance of raising awareness of retirement options.

"Two thirds of UK consumers with maturing pensions still do not shop around to make sure they get the very best possible retirement income. Choosing an annuity is a decision consumers need to get right, and MGM Advantage wants to be able to help consumers who are approaching retirement to do exactly that," he said