Just Retirement has launched a one-year fixed term annuity in response to the new pensions freedoms announced in the Budget.
The product is designed to give savers a flexible investment option until April 2015 when savers aged 55 and over can take their entire pot as cash.
LV= launched their own one year annuity product at the start of April.
Just Retirement customer insight director Stephen Lowe says: “The significant changes announced by the Chancellor in the Budget are naturally making people nearing retirement think carefully about how to get the most from their pensions.
“We recognise there are many questions still to be answered and some professional intermediaries may prefer, at this point, to utilise a short-term solution for their clients’ funds.
“People can start using their pension savings to fund their retirement now whilst giving intermediaries time to review their clients’ position next year when the details of the new rules are known.”
Just Retirement’s share price almost halved on Budget day in the wake of Osborne’s proposals. Earlier this month the firm issued a sales warning to shareholders, indicating it expected to fall short of annuity sales expectations.