Just Retirement is to launch a set of products aimed at Middle Britain retirees offering ‘mix and match' options for retirement income.
The market for enhanced bulk annuities has almost hit £700m after a bumper fourth quarter in which 10% of all transactions was medically underwritten, according to research from Hymans Robertson.
Pension providers should ensure all retirees use the open market to buy an annuity at the point of decumulation to ensure they get the most out of their savings, Just Retirement has said.
Just Retirement has completed its biggest bulk annuity deal to date, a £75m buy-in with an unnamed scheme.
Enhanced annuity sales in the UK dropped by a third in the wake of this year's budget, which announced a major overhaul of the retirement process, according to research.
Just Retirement is "rapidly adapting" its business model to accommodate changes to pensions announced at Budget 2014, after disclosing annuity sales are "at around half of pre-Budget levels".
Just Retirement has completed a £36.5m medically underwritten buy-in with a shipping firm and says it is on target to write £80m of bulk annuity business in the year to June.
Today's Budget pension reforms will not irreparably damage the annuity market, says Just Retirement customer insight director, Stephen Lowe.
Life insurers and specialist annuity providers saw share values fall after Chancellor George Osborne unveiled reforms to income drawdown.
Medically underwritten annuity specialist Partnership wrote £84m in bulk annuity business in 2013 according to the company's annual results.