MetLife has launched a “new generation” of unit-linked guaranteed products that carry rates around 0.6 per cent higher than that previously available.
The new enhanced guarantees range is available for new business from 29 July. In addition to the higher rates, capital guarantee terms are being reduced to provide increased flexibility, the firm said.
The guarantees provide a “market-leading” deferred income rate of 3.5 per cent, which MetLife claims will enable clients to “plan ahead for retirement income with certainty”. It added that the focused fund range, run by asset manager BlackRock, delivers “volatility protection and a solution for low stock market growth”.
Dominic Grinstead, managing director of MetLife UK, said: “The combination of certainty and flexibility is the key to providing retirement income solutions which deliver for savers and advisers.
“As the market leader in unit-linked guarantees, our new generation of guarantees has been designed in response to feedback from advisers and clients identifying the need for increased income as well as shorter capital guarantees and the deferred income option.
“Ongoing uncertainty highlights the need for unit-linked guarantees which have taken a strong position in the UK retirement income solutions market. This new generation product will ensure the market continues to expand.”