Partnership has launched an enhanced annuity which guarantees income for life but also gives retirees the chance to change their mind after 12 months.
The enhanced annuity specialist launched its Enhanced Choice Annuity in response to George Osborne's sweeping annuity changes announced in the Budget.
It said the product would assist retirees who are currently reluctant to commit to a buying a traditional lifetime annuity.
The product, sold through advisers, is aimed at those people who need their income and would therefore benefit from the guarantees of an annuity but want to retain some flexibility in advance of the changes set for April 2015.
From that date all retirees will be able to access their entire pension pot at retirement, subject to taxation rules.
Partnership said about half of people coming up to retirement before April next year could have medical conditions which means they would benefit from an increased income due to underwriting.
The contract will give clients access to their 25% tax free lump sum and a guaranteed income, while still offering the change to change their minds should circumstances change or their health deteriorate.
Partnership managing director Andrew Megson welcomed the Budget shake up but said the move had provided "significant challenges" both for advisers and their clients who are retiring in the immediate future.
He said: "We are committed to helping our intermediary partners to provide their clients with the best possible range of choices and believe this new product will provide the flexibility they need to ensure that people don't delay making the right choice in the hopes something better may be on the horizon."
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