Principal Financial Group Inc. is adding a retirement plan product to its portfolio that will allow participants to purchase a deferred income annuity while they’re still contributing to their defined contribution plan. The Principal Pension Builder will enable participants build a steady stream of guaranteed income for life by directing a portion of their retirement plan contributions into a deferred income annuity. They can transfer part of their retirement plan account balance to purchase guaranteed income, or direct a portion of their plan contributions toward purchasing guaranteed income. “This product allows pre-retirees to set the stage for the moment of retirement by purchasing future guaranteed income ahead of time,” said Jerry Patterson, Principal’s senior vice president of retirement and investor services. Plan sponsors can add the option to their retirement plans later this year, and plan participants can begin contributing to it in March.