This will be a broad-based offering, led by Richard Parkin, newly appointed head of retirement who will help develop the firm’s capabilities in the retirement market, Fidelity said in a statement.

The aim is to provide innovation in order for asset managers and platforms to extend the quality and range of options available at retirement, it said.

"As an industry we should be providing much better outcomes for retirees in the UK. We have all focused for far too long on the accumulation of wealth and should be doing more to provide support for those who wish to take income in their retirement. Over the next few years, Fidelity will be investing significantly to create a new retirement service which aims to provide our customers and their advisers with the ability to make the most of their retirement savings," said Ed Dymott, head of business development for Fidelity UK.

Richard Parkin will take up the role at the end of October, but a number of initiatives are already underway, the firm said.