Money Marketing revealed in August that LV= was looking to launch a temporary annuity to rival Living Time’s products.
The firm says the product targets retirees who want the security of a fixed income as well as the flexibility to review their options down the line.
LV= has also launched a Trustee Investment Plan version which allows advisers to combine the security offered by the PRP with the full investment options available under the firm’s Sipp.
The product, which provides a fixed income subject to Government Actuary’s Department limits for a fixed term, with a guaranteed maturity value, can be set for between three and 20 years, as long as it ends before the customer reaches age 75.
It also offers a variety of death benefit options, allowing either continued income or a lump sum.
Head of annuities Matt Trott says: “The launch of the PRP is the latest addition to the growing third way annuity market, which had sales of over £1bn in 2008.
“This was the natural progression in our product development and something we feel early-retirees will appreciate hugely.
“Giving people the ability to reassess their retirement income needs after set periods means they can benefit from a product that suits their individual requirements at a particular time.
“Effective retirement planning needs to be as flexible and fluid as possible to reflect the wider pensions landscape and the demographic of today’s retirees.
“The new LV= PRP product enables consumers to retain choice over their changing retirement needs.”