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Hartford Life is driving for greater market share by adding seven new funds and two new asset classes to its Hartford Platinum and Trustee Investment Plan pension products.

The new asset classes are international property and commodities and the new funds are: JP Morgan Natural Resources, New Star International Property, Schroder Global Property Securities, Artemis Strategic Bond, Fidelity European Opportunities, Invesco Perpetual Monthly Income Plus and Schroder European Alpha.

The new additions bring the total number of funds available through the two personal products up to 97. Both products are available with an optional income guarantee called the guaranteed retirement income plan. The GRIP allows clients to lock in growth of up to 10 per cent annually during years of good performance, while protecting gains during years of poor performance up to the age of 75.

Hartford has also announced that clients who self-select funds will now have more flexibility over their fund allocations as they will still be able to invest up to 100 per cent in balanced funds, but will now be able to put up to 80 per cent of the remainder in equities, a change from the previous limit of 75 per cent. Up to 5 per cent can still be invested in each of the UK property, global property and commodities funds.

Michael Rudge, managing director UK branch for the Hartford, said: "The enhancements to the Hartford’s pension products will provide our customers additional choice and flexibility. The exposure clients will now have to commodities and international property funds reflects the desire we are increasingly seeing for a broader range of investments as savers look to grow their retirement savings."

Mr Rudge added: "We always seek to provide the best products we possibly can and have introduced the enhancements following feedback from both our customers and key investment research companies such as Old Broad Street Research."

Damien Paterson, managing director of Glasgow-based Paterson financial planning, said: "It is a step in the right direction that Hartford are adding new funds as it is important to have as many as possible to choose from and previously there wasn’t access to as wide a range as some of the other players in the market. You used to have to either compromise on the number of funds in a portfolio or the income guarantee by going elsewhere. People like the idea of a guarantee, particularly in times of volatility, as even though there may be opportunities for growth in uncertain times, it also reminds people of the downside risks to their investments."