MetLife has reduced the annual management charge (AMC) for its Trustee Investment Plan (TIP) to 0.5% from 0.95%.
The reduction applies to all customers of TIP, designed to sit within a self-invested personal pension (SIPP) or small self-administered scheme (SSAS).
The move comes as MetLife expects growth in the product’s market thanks to “increasing awareness and understanding of SIPPs”.
Peter Carter, head of technical services, MetLife, UK, says: “The TIP market has seen steady growth in the past year as increased stock market volatility has demonstrated the need for products that provide valuable guarantees.”
MetLife also aims to expand further into the corporate market.
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