Retirement provider MetLife has increased the income deferral rate on its unit-linked guaranteed products.
The rate, which is the proportion of additional income a retiree will receive for each year they defer taking an income, has risen from 3.5% to 4.25%. For example, an individual due to receive an annual income of £10,000 at retirement will receive an extra 4.25% on that amount - or £10,425 - if they defer it by 12 months. Additionally, MetLife, which looks after £4bn of assets, has shortened its capital guarantee terms from ten to eight years. Guarantee charges on the capital guarantee start from 0.35% while on the income guarantee product they range between 0.95% and 1.2%. Fund an...
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