Retirement Portfolio Product Summary

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1 Retirement Portfolio Product Summary For Financial Adviser Use Scheme type Personal Pension Scheme with MetLife Pension Trustees Limited as trustee. Age limits Minimum age: 23 Maximum age: 90 The Secure Options have further eligibility criteria. Investment options Choice of four Managed Wealth Portfolios, three Protected Growth Funds, five managed portfolios, five index portfolios and a cash fund. Minimum investment Initial single/transfer: 50,000* Additional single/transfer: 5,000 Regular contribution: 3,600 yearly** * Clients can include several contributions or transfers but each payment must be at least 5,000. ** Clients can pay regular contributions monthly, quarterly, termly, half-yearly or yearly. Maximum investment Transfers The maximum that can be paid into MetLife guarantees is 1.5 million across all products. The maximum investment in a MetLife Retirement Portfolio is 1.5 million. Accepted from UK registered pension schemes and recognised overseas pension schemes. Pension credits can be accepted. Charges Product charge (based on fund value) Fund Value Annual Charge Up to 149, % 150, , % 250,000 or more 0.50% Fund management charges There are fund management charges on all of our funds and portfolios. MetLife Managed Wealth Portfolios: 0.54% Total Expense Ratio (TER). Please refer to the MetLife Fund List for details on our Protected Growth Funds, Index, Managed Portfolios and Cash Fund, available on request from your MetLife Representative. 1

2 Adviser Charges We will facilitate adviser charges that you agree with your client. MetLife reserves the right not to pay an Adviser Charge if it considers that the payment requested would cause the MetLife product to no longer perform in accordance with its design. All Adviser Charging is paid for by cancelling units from the policy. The adviser charging options are shown below. Initial Adviser Charge (IAC) Initial Adviser Charges facilitated from this product can be taken as a percentage of the investment after payment of any Pension Commencement Lump Sum (PCLS), or as a monetary amount. Each facilitated payment will be deducted proportionately across all funds and will result in a proportionate reduction to the guaranteed benefits. Ongoing Adviser Charge (OAC) Ongoing Adviser Charges are regular payments on a monthly, quarterly, termly (every four months), half yearly or yearly basis. Each facilitated payment from guaranteed funds will result in a proportionate reduction to the guaranteed benefits. Charges can be taken as a percentage of the fund value or monetary amount. These payments may be cancelled or varied at any time, but may not exceed the level requested at outset. There are two payment options to facilitate Ongoing Adviser Charges: - across all investments, including Guaranteed Investments; or - across all investments, excluding Guaranteed Investments. This selection will apply for the duration of the investment. Ad-hoc Adviser Charge Each facilitated payment will be deducted proportionately across all funds and will result in a proportionate reduction to the guaranteed benefits. Ad-hoc payments are taken as a monetary amount. Retirement Portfolio product options Clients can choose to invest in either one or a combination of the following options - Secure Income Option, Secure Capital Option, Protected Growth Funds, non-guaranteed funds. Secure Income Option Guarantees an income for life and allows clients to lock-in investment performance at the review dates. Minimum age 45 years (to select option) Maximum age Initial / regular investment in each Managed Wealth Portfolio Secure Income Base Guaranteed Income Percentage 75 years (to select option) Minimum initial investment is 5,000 per portfolio. Once an investment is made in the Secure Income Option regular contributions of at least 3,600 p.a can be made into the same portfolio. The maximum regular contribution amount across all regular contributions is 60,000 p.a. The Secure Income Base is set equal to the amount invested in the Secure Income Option, less any Initial Adviser Charge your client asks us to pay you. It can then be increased by additional investments or switches in, deferring guaranteed income payments, (known as Income Deferral Increases) and Secure Income Reviews. The Secure Income Base will be reduced proportionately by any Payments Out of the Secure Income Investments such as switches out, transfers out, Adviser Charges, Pension Commencement Lump Sums (PCLS) and Uncrystallised Funds Pension Lump Sum (UFPLS). The Secure Income Option enables your client to take a guaranteed income from age 55. The guaranteed income is based on a percentage of the Secure Income Base. This percentage (called the Guaranteed Income Percentage) depends on the age of the client at the income start date. The table below shows the Guaranteed Income Percentages on a single life basis. Age % Age % Age % Joint life The Secure Income Option can be taken on a single or joint basis. For the joint life the Guaranteed Income Percentage is based on the age of the younger life and a 0.25% reduction is applied. 2

3 Secure Income Option Income Deferral Increase Income Deferral Base For every full year income is deferred, your client s Secure Income Base is guaranteed to increase by 3.50% of their Income Deferral Base. Any Secure Income Reviews (described below) may further increase the Secure Income Base. For example, investing at 60 but taking income at 65 leads to a Guaranteed Income Percentage of 4.00% and the Secure Income Base is guaranteed to be at least 17.50% (3.50% X 5) greater. If a review takes place that increases the Secure Income Base above this level, the higher amount will be locked-in. The annual Income Deferral Increase of 3.50% will continue until the first time guaranteed income is taken from an investment in the Secure Income Option. The Income Deferral Base is the Initial Secure Income Base reduced proportionately by any Payments Out made since the start of the policy. Secure Income Reviews Secure Income Reviews increase the Secure Income Base to the current value of the investment if this has grown to more than the existing Secure Income Base on the review date. If the Secure Income Base is higher than the current fund value on the review date it will remain unchanged. Secure Income Base Reviews take place annually and there is no limit to the gains that can be locked-in. Example: Your client invests 100,000. After one year, your client s fund value has grown to 120,000, so the value locked-in will be 120,000, which will become the new Secure Income Base amount. Guaranteed death benefit Single life basis The death benefit paid is the higher of: The guaranteed death benefit (the initial Secure Income Base less any guaranteed income* taken up to the date of notification), and; The fund value *The initial Secure Income Base and guaranteed income will be reduced proportionately by any Payments Out of the Secure Income Investments such as switches out, transfers out, Adviser Charges, PCLS and Uncrystallised Funds Pension Lump Sum (UFPLS). Joint life basis The right to take guaranteed income can continue to the named dependant. Alternatively they could opt to take the remaining fund value. Death benefits will be paid in accordance with HMRC rules. Switches Switches into a guarantee are not permitted if there has been a switch out of the same guarantee type in the last six months Switches out of the Secure Income Option can occur on the Secure Income Review date, or up to a maximum of 30 days after the review date. Guarantee charges The Secure Income Option guarantee charge is based on the amount of the Secure Income Base. Portfolio Charge MetLife Managed Wealth - Foundation 0.95% MetLife Managed Wealth - Min 1.20% MetLife Managed Wealth - Mid N/A MetLife Managed Wealth - Max N/A 3

4 Secure Capital Option Guarantees the capital value of the investment (less any Adviser Charges your client asks us to pay you), and allows clients to lock-in investment performance gains annually (unlimited). Minimum age 23 years (to select option) Maximum age 75 years (to select option) Term Minimum investment Minimum of 10 years. Maximum of 20 years. 5,000 per portfolio. No regular contributions. Secure Capital Value The guaranteed amount is called the Secure Capital Value. It is equal to the amount invested (less any Initial Adviser Charge your client has asked us to pay you), or the amount switched in if selected later. The Secure Capital Value will be reduced proportionately by any Payments Out of the Secure Capital Investments such as switches out, transfers out, Ad-Hoc or Ongoing Adviser Charges, Pension Commencement Lump Sums (PCLS) and Uncrystallised Funds Pension Lump Sum (UFPLS). We guarantee the Secure Capital Value at the end of the term. Secure Capital Reviews Secure Capital Reviews increase the Secure Capital Value to the current value of the investment if this has grown to more than the existing Secure Capital Value on the review date. If the Secure Capital Value is higher than the current fund value on the review date it will remain unchanged. Secure Capital Reviews take place annually and there is no limit to the gains that can be locked-in. Guaranteed death benefit The greater of the Secure Capital Value and fund value. Switches Guarantee charges Switches into a guarantee are not permitted if there has been a switch out of the same guarantee type in the last six months Switches out of the Secure Capital Option can occur on the Secure Capital Review date, or up to a maximum of 30 days after the review date. The charge for the Secure Capital Option depends on the portfolio selected: Managed Wealth Portfolio Term Foundation Min Mid Max % 1.20% N/A N/A % 1.00% N/A N/A % 0.85% 1.40% N/A % 0.75% 1.20% N/A % 0.65% 1.05% 1.50% % 0.55% 0.90% 1.35% % 0.50% 0.85% 1.25% % 0.50% 0.75% 1.15% % 0.45% 0.70% 1.05% % 0.45% 0.65% 0.95% % 0.40% 0.60% 0.85% The guarantee charge is based on the amount of the Secure Capital Value. 4

5 Protected Growth Funds These are funds which offer exposure to equity markets whilst also protecting against falls in the markets. Each fund has an associated protected unit price which will never go down. Age limits Minimum age: 23 years (to select option) Maximum age: 90 years (to select option) Minimum Investment Regular contribution Protected Growth funds 5,000 per fund Regular contributions 3,600 p.a One or more of the Protected Growth funds can be chosen. Each offers a different level of exposure to equities and a different level of protection. The funds available are: Protection level Maximum equity content 90% 40% 80% 70% 70% 90% The equity component of the Protected Growth fund is invested in a range of BlackRock Index Funds. The non-risk asset of the Protected Growth fund is invested in the BlackRock Sterling Liquidity First Fund. Cash protection Cash protection can occur in extreme stock market conditions, or where markets continue to fall progressively over time. If it should occur, we will notify your client in writing with details of alternative investment options available. Fund charge Protection charge The Total Expense Ratio (TER) of the fund will vary depending on the mix of assets at any time. The TER for the equity component is 0.24% p.a. and for the BlackRock Sterling Liquidity Fund it is 0.20% p.a. 0.70% p.a. Both the fund and protection charge are allowed for in the daily unit price. 5

6 Want to find out more? To find out more about how MetLife can make a difference to your clients financial future, contact us today on , or salesresource@metlife.com You can also find out more at For Financial Adviser Use Products and services are offered by MetLife Europe Limited which is an affiliate of MetLife, Inc. and operates under the MetLife brand. MetLife Europe Limited is authorised by the Central Bank of Ireland and subject to limited regulation by the Financial Conduct Authority. Details about the extent of our regulation by the Financial Conduct Authority are available from us on request. Registered address: 20 on Hatch, Lower Hatch Street, Dublin 2, Ireland. Registration number UK branch address: One Canada Square, Canary Wharf, London E14 5AA. Branch registration number BR WM l MAR 2015

RETIREMENT PORTFOLIO PRODUCT SUMMARY

RETIREMENT PORTFOLIO PRODUCT SUMMARY Scheme type Personal Pension Scheme with MetLife Pension Trustees Limited as trustee. Age limits Minimum age: 23 Maximum age: 90 Investment options The Secure Options