Axa Wealth is set to launch a new pension plan that will give advisers and clients access to guaranteed minimum retirement income.

The new product, offered as part of the company’s soon to be launched retirement portfolio service, will integrate the benefits of an annuity and an income drawdown product.

Dubbed Secure Advantage+, the product will enable holders to choose a minimum guaranteed income for life that can be turned on and off as required, and help them take more income at the beginning of retirement when they may be more active.

To combat market volatility, investors will be offered the option to select different investment strategies based on their attitude to risk.

Apart from this, holders will be able to add a death benefit by offering named beneficiaries the full value of their drawdown plan, minus any withdrawals taken over the policyholder’s lifetime.

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By GlobalData