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MetLife cuts unit-linked guarantee minimum investment to £30k

MetLife has cut the minimum investment for its unit-linked guarantee products from £50,000 to £30,000.

The change has been brought forward following radical pension reforms announced by Chancellor George Osborne last week.

The overhaul, which takes effect from April next year, will allow savers to take their entire pension pot as cash from age 55.

MetLife UK managing director Dominic Grinstead says: “The Budget changes reflect the fundamental shifts in longevity and attitudes to retirement across the UK and will instantly benefit all savers and future retirees.

“We believe guarantees will play a major role in delivering flexibility and certainty. There remains a need for further innovation particularly ahead of new rules in April next year.

“MetLife will help with specific adviser training on retirement income to help boost understanding of the range of solutions available but that has to go hand in hand with consumer education on retirement income.”

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