Fixed-term annuities give income for a set period – such as five or 10 years – and an agreed lump sum at the end

Financial firms are reporting growing demand for a product that helps bridge the gap between stopping work and getting your pension.

Sales of retirement annuities have risen sharply during the last couple of years, and now advisers are seeing a fresh surge of interest in what they say is one of the market’s “lesser-known” options.