MetLife UK is launching a guaranteed Isa next year as the Budget reforms come into force, Money Marketing can reveal.
The product will be the insurer’s first Isa for the UK market and will use the same principles as its guarantee drawdown product, which launched in 2007.
Final product details are yet to confirmed but it is likely consumers will be given the option of guaranteeing either the capital value of the Isa or the income stream.
MetLife UK wealth management director Simon Massey says: “We’ve identified guaranteed Isas as a growth area and our research is backed up by 42 per cent of advisers say they see Isas as the most important product for retirement planning post-April. The fact they can now be passed on tax-free on death as well is very helpful in reinforcing the role Isas can play.
“We think it’s pretty clear Isas are going to play a much bigger role in retirement planning.”
The guaranteed Isa will only be available through advisers.