Investors can now choose annual step-ups on income and capital guarantees with 10 per cent growth potential or unlimited growth with step-ups every two-and-a-half years in contrast to the previous three-year step-ups.
The firm says the move is in response to demand from advisers and clients.
The income guarantee for clients taking income at 55 is increased from 3.3 per cent of the fund to 3.75 per cent and for those taking income at 60 the income guarantee is increased from 3.8 per cent to 4 per cent.
Metlife will introduce term related guarantee charges for the secure capital option. Fund charges on the new simplified index portfolio range will start from 0.2 per cent.
The standard allocation rate remains 100 per cent with product charges starting at 0.5 per cent depending on the level of investment.
Guarantee charges on the income option start at 0.55 per cent and at 0.5 per cent on the capital option depending on the length of the guarantee.
Metlife UK managing director Dominic Grinstead says: “Retirement portfolio has proved to be a major success and the time is now right to further enhance it in line with our experience and feedback since launch in June 2008.
“Advisers and their clients are telling us that they want increased choice and simplicity and we are responding by adapting our product range.
“Annual step-ups and improved income at key ages plus term related guarantee charges are the template for the future and we will continue to adapt and innovate in order to address this important growth market.”