View more on these topics

MetLife cuts annual fee for trustee plan clients

MetLife is reducing the ann- ual management charge of its trustee investment plan from 0.95 per cent to 0.5 per cent for all new and existing customers.

MetLife moved into the UK market a year ago and says it is now aiming to expand further in the corporate market.

Following the charge change, the company will offer a 95 per cent allocation rate with no exit penalties and 5.5 per cent initial commission on its fully access- ible version.

For advisers with different commission requirements, the product allows sacrifice of the initial commission for additional allocation or conversion of the initial commission into trail commission.

Alternatively, if the client would prefer higher allocation, the maximum allocation version of the product can be used with an addit- ional 5 per cent allocation for an additional 1 per cent a year charge for five years.

MetLife UK head of tech- nical services Peter Carter says: “The Tip market has seen steady growth in the past year as increased stockmarket volatility has demonstrated the need for products that provide valuable guarantees.

“With increasing awareness and understanding of Sipps, we fully expect the market for convenient and efficient investment products such as Tips to continue growing in popularity.

“Our price reduction is a significant move which further increases the competitiveness of our products for new customers and is a reward for existing customers.”

Recommended

Sipp building

I have several personal pensions, some separate share investments and an investment property. How can I use a self-invested personal pension to invest in the shares and the property?

Firm fined for misleading FSA

The FSA has fined Blake Independent Financial Services £31,500 for failing to maintain adequate capital and provid- ing misleading financial information.The regulator found that the adviser failed to put in place subordinate loans before it became authorised in October 2003. It also failed to put in place a further subordinated loan in 2005 required by […]

Growing potential

Market turmoil seems to be having an interesting impact on clients. Demand for the middle ground of investment, as represented by core developed market equity funds, has generally disappeared. Clients seem to be at one of two extremes. Cash or very cautious total return funds are at one end and racy aggressive funds, especially Russia, […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment