Living Time is to return to the retirement market in the first quarter of this year.
Last January, MetLife teamed up with Living Time to distribute its fixed-term annuity product in the UK. MetLife took over the product in September when Living Time withdrew from the market.
Living Time chief executive Kim-Lerche Thomsen says the firm will launch a retirement income product.
He says: “There will be features of the product that are like a fixed-term annuity but it will be very different to what is in the market at the moment.
“We are backing this ourselves at the moment but we are in discussions with a number of partners who will be involved in the project.”
Former Living Time managing director of distribution and marketing Dave Harris has not ruled out a return to management at the provider. He is currently a non-executive director.
Informed Choice managing director Martin Bamford says: “We need innovation in the at-retirement market, so this is good news. However, advisers will be wary about placing business with a provider which has left the market before.”