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MetLife reviews Sipp charging structure

MetLife is reviewing the charging structure for its guaranteed retirement proposition following strong sales in its first three month of operation.

The company says positive feedback from IFAs has enabled the company to offer more clients the chance to avoid set-up fees and monthly administration charges.

Every customer investing a minimum of £100,000 will have the £400 set-up fee and £40 administration charge waived.

Previously this level of discounts only applied to those investing £750,000 and over.

MetLife has been selling a Sipp and a trustee investment plan in the UK since January.

The new charges will apply to all existing and new cutomers who take out a Tip and Sipp with MetLife.

MetLife chief operating office Paul Shallis says: “We have been delighted with the response to our secure retirement option from both IFAs and their clients.

“We believe the first quarter is an appropriate time to refine and further improve the competitiveness of our product and we will continue to respond to feedback from IFAs and their clients.”

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