The offering provides investors with a guaranteed income stream for the rest of their life, determined by the amount of the original capital investment.
The amount of income to be paid will be determined at what age the individual decides to enter the product, with 60 year olds to receive a 4 per cent income stream and people 65 and over to receive an income of 5 per cent of the investment balance.
The minimum age of entry for the Protected Retirement Guarantee is 50 and the underlying investment remains in the market for its duration.
Four investment strategies will be available with varying degrees of exposure to growth assets, those being allocations of 35 per cent, 50 per cent, 70 per cent and 85 per cent.
"The protected retirement guarantee has got the flexibility of allocated pensions but with the security of a guaranteed income," Axa sales and marketing general manager Adrian Emery said.
The rollout of the Protected Retirement Guarantee is part of a greater initiative Axa is undertaking in order to give advisers a wider range of tools to deal with longevity risk.
