Consumers have been gradually shifting back to annuities for guaranteed income since the pension freedoms were introduced in April 2015, according to data.
Figures from eValue's quarterly pension freedoms index covering over 17,000 people showed that in October preference for guaranteed income rose to 47%, up from 33% in April.
Meanwhile preference for flexible income dropped from 54% in April to 42% in October, just after the global market turbulence in late August and September.
The firm said this shows that market volatility has a big influence on the relative attractiveness to consumers of annuity and drawdown, driving the attractiveness of annuity to its highest point since the arrival of pension freedoms.
It predicts that if the current market uncertainty persists, there may be another peak in the popularity of annuities when freedom and choice reaches its first anniversary in April.
The firm's data comes from analysis of the 17,000 consumers who have used eValue's online forecasting tools.
The news comes as research from the Pensions and Lifetimes Savings Association (PLSA) reveals that savers are not rushing to cash their pots.
eValue strategy director Bruce Moss said: "Insight like this helps advisers and providers to anticipate when clients or potential clients will be engaged and looking for help and advice.
"The industry should use this intelligence to tailor its proposition to investors who are worried when markets are volatile, and should capitalise on consumer engagement each time there is a government announcement and pensions hits the headlines."
PMI president Lesley Alexander and the institute's immediate past-president Lesley Carline talk about the challenges of Covid-19 and the opportunities and challenges the industry faces in the future.
XPS Pensions posted a 9% increase in revenues during the six months to 30 September – a rise driven by a number of large client wins.
Here they are - the winners of the 3rd annual Women in Pensions Awards...
Chancellor Rishi Sunak has warned that the UK’s “economic emergency has only just begun”, as he revealed that the Office for Budget Responsibility (OBR) has forecast the economy will contract this year by 11.3% - the largest fall in output for more than...
The UK’s cumulative excess deaths figure for 2020 is higher now than at the previous peak of 64,600 recorded during the first wave of Covid-19, the Continuous Mortality Investigation (CMI) says.