A guaranteed income for life came out top of the most important features in a retirement product consumers were seeking, a survey has found.

Some 62% identified this as the key feature, while income, which keeps track with inflation, was second on 38%.

Getting as much income as possible at retirement was third on 24% in the Partnership poll of 3,000 consumers aged 45 years and over.

With the first tranche of research conducted immediately after the Pension Freedoms announcement (April 2014) and the second tranche conducted ten months after the introduction (February 2016) at a time of stock market turmoil, consumers were found to have shifted their perceptions.

People were far less likely to worry about structures to minimise tax (from 21% to 11%), want control over how much income they receive each month (17% to 8%) or are focused on getting as much income as possible once they retire (31% to 24%).

Instead, they were more focused on income which keeps track with inflation (24% to 38%), limiting the amount they can lose (remains 15%) and ensuring their partner/spouse receives an income (14% to 19%).

Partnership has sponsored a new Defaqto Guide – ‘The Case for Hybrid: Simplicity, Flexibility and Security’ – which looks to help advisers understand the difference between blended and hybrid solutions while understanding more about Partnership’s Enhanced Retirement Account – claimed to be the first hybrid account launch into the market in October 2015.

Gill Cardy, insight consultant from Defaqto, said: “With the current market turmoil and the far greater range of retirement choices, it is interesting to see that people still favour securing the best guaranteed inflation-linked income.

“However, while those remain the most popular features, we have seen preferences change as people increasingly seek to benefit from pension freedom and choice by maintaining flexible access to capital and enhanced death benefits for their extended family.

“While advisers have been helping consumers to make sense of the new retirement landscape, they are also working to fully understand its implications.”