Just Retirement has extended the break clause in its fixed-term annuity product to include changes in economic and personal circumstances.
The provider launched its Plan Protection fixed-term product, which allows investors to exit mid-contract if their health deteriorates, in May last year.
The terms of the plan have now been extended to include additional life events such as divorce, the death of a spouse or changes in income needs.
Just Retirement external affairs and customer insight director Stephen Lowe (pictured) says: “The conversion option appeals to retirees who want the certainty of return a fixed-term annuity offers but are wary about being locked in.
“All our fixed-term annuities clients must seek professional advice and the feedback from the intermediaries was that they would like more flexibility to help clients cope with a wide range of events beyond health.
“We have responded by improving Plan Protection so that it offers the ability to convert to any other pension product allowable under UK pensions legislation, at any point, for any reason deemed suitable by the adviser and client.”