The National Employment Savings Trust (NEST) - the work-based pension scheme - has confirmed the five product providers for its annuity panel.

The panel includes Canada Life, Just Retirement, Legal & General, Partnership and Reliance Mutual. Each provider - who have 10-year contracts - will commit to providing annuities on accounts from £1,500.

Canada Life and Legal & General will provide both conventional and enhanced annuities. Just Retirement and Partnership will provide enhanced retirement income annuities, while Reliance Mutual will offer enhanced income products for smokers.

Tim Jones, chief executive at NEST, said, 'Our panel will enable members to buy a retirement income product if this is appropriate to their needs, even if they have a small pot.

'Establishing a panel of high quality providers committed to NEST's requirements means we can help members meet their aspirations.'

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