The firm planned to launch the product in June although it was delayed until September 1 and has now been put back to the end of the year.
The annuity is likely to offer customers a minimum income guarantee set at 50 per cent of a benchmark annuity, which will be the monthly average of the three best conventional annuities on the market. It will offer the potential for income to grow over time.
Sales and marketing director Aston Goodey says: “The product has moved a lot since its inception. The hold-up has been about getting the product right rather than coming to market with something that was conceived a year ago, since when the market has moved on.”