MetLife has agreed a six month exclusivity deal to become the first fixed-term annuity provider on The Open Market Annuity Service.
The deal means the provider’s Freedom Income Plan will now be available to clients and advisers on the pensions shopping around platform.
MetLife says the agreement will provide a significant boost to its distribution network.
MetLife UK managing director Dominic Grinstead (pictured) says: “Our partnership with TOMAS underlines how the retirement income market is changing and the need for more innovation and flexibility.
“It demonstrates that major players in the annuity market recognise that fixed-term annuities have a major role to play in retirement income and that the industry as a whole has to focus on growing the market.”