Scottish Widows has launched its standard annuity onto the open market to sit alongside its existing enhanced annuity.
The move to the open annuity market comes in a bid to boost options for advisers searching for the right product and provider.
The standard annuity was previously only available to Scottish Widows' own clients but is now available to the whole open market directly from the scheme as well as through a number of third-parties including Annuity Exchange, Retirement Line, and Synaptic Webline.
Hargreaves Lansdown currently only offers the firm's enhanced annuity but is looking to offer the standard annuity at some point in the future.
The insurer has also created an annuity calculator pricing tool which aims to respond to market pricing changes, allowing advisers to offer their clients the most up-to-date quotes.
Director of annuities Emma Watkins 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 its 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."
This follows a string of bulk annuity deals Scottish Widows has been involved with, including buy-ins with Peugeot and QinetiQ totalling £830m in April, and its first pensioner buy-in with Hitachi in October last year.
The Electricity North West Group of the Electricity Supply Pension Scheme (ESPS) has invested in an £805m pensioner buy-in with Scottish Widows.
Zurich has agreed to insure £800m of longevity risk for the pensioners of a FTSE 100-sponsored pension scheme.
The ESAB Group (UK) Limited Pension & Life Assurance Scheme has purchased a £255m full buy-in with Rothesay Life, covering benefits for all 900 members of the scheme.
The value of UK bulk annuity deals is set to quadruple in the 2020s when compared to this decade, Mercer has predicted.
Greater regulatory focus on covenant, holistic risk management, and long-term targets has helped proactive schemes approach their endgames earlier, says Adolfo Aponte.