Scottish Widows has launched its standard annuity to the open market to sit alongside its existing annuity.
The insurer has created an annuity calculator pricing tool which responds to market pricing changes.
The standard annuity is available directly from Scottish Widows and via a number of third party portals such as Iress, Ipipeline and Annuity Exchange.
Emma Watkins, director of annuities at Scottish Widows, said: “Retirement planning isn’t a ‘one-size-fits-all’ that’s why we remained committed to the annuities market while many providers withdrew, because it’s important to us that we continue giving advisers a range of options to offer their clients.
“As fewer people approach retirement today with defined benefit pensions, annuities continue to have a role to play for the right people in the right circumstances as they can give peace of mind that essential expenditure will always be paid, irrespective of any market volatility.”