Clerical Medical is offering an income drawdown plan for customers aged 50 to 74.
The company says the plan is for customers who want flexible income and death benefits without the extra risks and costs associated with self-investment.
The firm initially set up a drawdown to drawdown version of the plan in April.
The product is now available to customers who want to consolidate existing pension savings before taking tax-free cash and income.
Customers are also able to add further transfers into the plan from existing pension schemes which allows them to continue saving into existing plans while being able to access income from the drawdown plan.
The product offers access to a range of 68 funds from Insight and funds from external managers.
Head of pensions Mike Brown says: “Clerical Medical has found a niche in a market that is dominated by complex Sipp-based products. For many customers, our range of 68 funds offers an excellent balance of return against risk, allow-ing them to achieve their desired critical yield for income without incurring high charges.
“Many customers have protected rights, especially those who were members of final-salary pension schemes and were contrac-ted out after 1997.
“For these customers, this product enables them to take income benefits which exactly meet their needs rather than follow the benefit structure of their existing scheme.”