MetLife launches flexible guaranteed drawdown product

Its Retirement Portfolio and Secure Income Option, launched today, combine drawdown investing with a lifelong guaranteed level of income. The provider said a £250,000 investment by a 65-year-old would face all-inclusive charges of 1.65%. The same fund could attract a 4% guaranteed income equating to £10,000 a year. Since April over-55s have had complete access to their defined contribution pensions, subject to normal rates of tax. The number of people opting for income drawdown has increased significantly since the reforms were introduced. However, MetLife said client research show...