MetLife launches retirement income product for investors
MetLife has announced the launch of superannuation products for investors through independent financial advisers.
It launched MetLife Max this week, designed to give investors a retirement investment plan from age 45. The products suit investors working and accumulating assets, and in retirement, the fund said.
Head of retirement solutions at MetLife Ashvin Arora said if investors choose a product with a guarantee they can move some market risk to MetLife and continue access to growth.
"In developing MetLife Max our priority was to deliver affordable products that meet the needs of Australian investors," he said.
"For MetLife that meant shaping an investment strategy that would provide growth and protection from negative market trajectories, guarantees that provide certainty, and ongoing fees, including guaranteed fees, below 2 per cent."
The products for investors come after MetLife joined industry fund MTAA Super last year to launch MTAA Super RetireSafe, a retirement income product that guarantees an income stream for retirees.
The range of products include two accumulation products, one capital guaranteed and one non-guaranteed for those aged 45 or more; two transition to retirement products for those aged 55 or more; and a lifetime growth annuity product providing a guaranteed income for life, for those aged 60 or more.
The account-based annuity product offers investors a lifetime income that will not dip below the minimum monthly income payments calculated at commencement (in the absence of a lump sum withdrawal).
Investors can terminate their annuity and withdraw their account balance at any time.
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