RETIREMENT PORTFOLIO PRODUCT SUMMARY

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1 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 have further eligibility criteria. To provide the guarantees associated with the Secure Income Option and Secure Capital Option MetLife uses Active Asset Allocation. The MetLife Active Asset Allocation moves your client s investment between a Growth Asset (MetLife BlackRock Global Growth Fund) and a Secure Asset (MetLife Fidelity Corporate Bond Funds). When investing in the Secure Income Option or Secure Capital Option using the MetLife Active Asset Allocation, the client must select the maximum equity exposure from a range offered. Minimum investment Initial single/transfer: 30,000 There is also a range of non-guaranteed funds including: two Protected Growth Funds, four Managed Wealth Portfolios, five managed portfolios, five index portfolios and a cash fund. Additional single/transfer: 1,000 Maximum investment Transfers Regular contribution: 1,200 yearly (can be paid monthly, quarterly, termly, half-yearly or yearly). Any payment which would result in the total cumulative payment to MetLife across all products to exceed 1,500,000 must be authorised by MetLife before submission. Accepted from UK-registered pension schemes and recognised overseas pension schemes. Pension credits can be accepted. Charges Product charge (based on total fund value) Fund Value Annual Charge Up to 149, % 150, , % 250, , % 500,000 or more 0.40%

2 Adviser Charges We will facilitate adviser charges that you agree with your client but we reserve the right not to pay an Adviser Charge if we consider that the payment would cause the product to no longer perform in accordance with its design. All Adviser Charges are paid for by cancelling units from the policy. The adviser charging options are shown below. Initial Adviser Charge (IAC) Ongoing Adviser Charge (OAC) Can be taken as a monetary amount or percentage of the investment. Where full payment of Pension Commencement Lump Sum (PCLS) occurs immediately the charge will be calculated after the the PCLS is paid. Where partial payment of PCLS or an Uncrystallised Funds Pension Lump Sum (UFPLS) is taken, the charge will be calculated on the investment Amount before PCLS is taken. Each facilitated payment will be deducted proportionately across all funds and will result in a proportionate reduction to any guaranteed benefits. Can be taken on a monthly, quarterly, termly, half-yearly or yearly basis as a percentage of the fund value or monetary amount. These payments may be cancelled or varied at any time. There are two payment options to facilitate Ongoing Adviser Charges: across all investments, including Guaranteed Investments; or across all investments, excluding Guaranteed Investments. Ad hoc Adviser Charge Each facilitated payment from guaranteed funds will result in a proportionate reduction to the guaranteed benefits. This selection will apply for the duration of the investment. Each facilitated payment will be deducted proportionately across all funds and will result in a proportionate reduction to the guaranteed benefits. Ad hoc payments must be specified 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. Fund management charges There are fund management charges on all of our funds and portfolios. MetLife s Active Asset Allocation has a charge of 0.55% (TER). Please refer to the MetLife Fund List for details of all other funds.

3 Secure Income Option Guarantees a level of income for life and allows clients to lock-in investment performance daily (unlimited). Minimum age Maximum age Initial/regular investment Secure Income Base Guaranteed Income Percentage Regular Contributions Joint life 50 years (to select option) 75 years (to select option) Minimum initial investment is 5,000. Once an investment is made in the Secure Income Option regular contributions of at least 1,200 p.a. can be made into the same option. The Secure Income Base is set equal to the amount invested in the Secure Income Option, less any Initial Adviser Charge. It can 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 Secure Income Investments such as switches out, transfers out, with demands that exceed the guaranteed income, Adviser Charges and Pension Commencement Lump Sums (PCLS). 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 date the option was selected. The table below shows the Guaranteed Income Percentages on a single life basis. Age % Age % Age % For each regular payment into the Secure Income Option a corresponding Guaranteed Income Percentage will be set, and this will be based on your client s age (or younger age if joint life) at the time the payment was made. The overall income percentage your client receives will be determined by the contributions they have made and the relevant income percentages. 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 at the date the option was selected and a 0.50% reduction is applied.

4 Income Deferral Increase If income is deferred, your client s Secure Income Base is guaranteed to increase by 3.00% p.a. compound. This is calculated and applied daily to the Secure Income Base. If a daily lock in of the fund value occurs that increases the Secure Income Base above the deferral level, the higher amount will be locked-in. Once your client starts taking 100% of their guaranteed income, their Income Deferral Increases will stop. When they stop taking income their Income Deferral Increases will resume and will be based on the Secure Income Base at that time. Flexibility Secure Income Reviews (Daily Lock-ins) Guaranteed Death Benefit If your client takes less than the full amount of guaranteed income, proportionate Income Deferral Increases will apply. For example, if 75% of the guaranteed income is taken, 25% of the Income Deferral Increase will be given. This option gives your client the flexibility to start, stop and restart their income payments according to their needs. 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 Reviews take place daily and there is no limit to the gains that can be locked in. Single life basis The value used to provide the death benefit is the higher of: the initial Secure Income Base less any guaranteed income taken (reduced by payments out); the value of your investment. Joint life basis The right to take guaranteed income can continue to the second life. Alternatively they could opt to take the remaining fund value. Switches Guarantee charges Death benefits will be paid in accordance with HMRC rules. Switches out of the Secure Income Option can take place at any time. We reserve the right to charge for excessive switching. It is possible to switch back into the Secure Income Option on terms available at that time. Clients can also change their maximum Growth Asset investment choice within the Secure Income Option at any time. The Secure Income Base and Guaranteed Income Percentage remain the same. The Secure Income Option guarantee charge is based on the amount of the Secure Income Base. Max Growth Asset Charge 25% Max Growth Asset 0.55% 35% Max Growth Asset 0.65%

5 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 daily (unlimited). Minimum age Maximum age Term Minimum investment Secure Capital Value Secure Capital Reviews (Daily Lock-ins) Guaranteed Death Benefit Switches Guarantee charges 23 years (to select option) 75 years (to select option) Minimum of 12 years. Maximum of 20 years. 5,000. It is not possible to make regular contributions into the Secure Capital Option. The guaranteed amount is called the Secure Capital Value. It is equal to the amount invested (less any Initial Adviser Charge), or the amount switched in if selected later. The Secure Capital Value will be reduced proportionately by any Payments Out of Secure Capital Investments such as withdrawals, switches out, transfers out, Ad hoc or Ongoing Adviser Charges and Pension Commencement Lump Sums (PCLS). We guarantee the Secure Capital Value at the end of the term. 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 daily and there is no limit to the gains that can be locked in. The Guaranteed Death Benefit is the Secure Capital Value. The fund value will be paid if this is higher. Switches out of the Secure Capital Option can take place at any time. We reserve the right to charge for excessive switching. It is possible to switch back into the Secure Capital Option on the terms available at that time. This would reset the guarantee term. Term Growth Asset 25% 35% 50% % % % 0.65% % 0.65% % 0.60% % 0.50% % 0.45% 0.55% % 0.45% 0.55% % 0.40% 0.50% The guarantee charge is based on the amount of the Secure Capital Value.

6 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 Investment Protected Growth Funds Minimum age: 23 years (to select option) Maximum age: 90 years (to select option) 1,000 per fund Regular contributions 1,200 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 can be found in the MetLife Fund List. The equity components of the Protected Growth Funds are invested in a range of BlackRock Index Funds. The non-risk assets of the Protected Growth Funds are invested in the BlackRock Sterling Liquidity Fund. Cash protection Fund charge Protection charge 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. 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. Other investments Non-Guaranteed Investments are also available as part of the Retirement Portfolio. These investments include the MetLife Managed Wealth Portfolios, index portfolios, managed portfolios and a cash fund. They do not include the Secure Income Option or Secure Capital Option. Want to know more? To learn how our Retirement Portfolio could benefit you, please speak to your Financial Adviser. If you are looking for a Financial Adviser, you can find one in your local area at Visit for more information. Products and services are offered by MetLife Europe d.a.c. which is an affiliate of MetLife, Inc. and operates under the MetLife brand. MetLife Europe d.a.c. is a private company limited by shares and is registered in Ireland under company number Registered office at 20 on Hatch, Lower Hatch Street, Dublin 2, Ireland. UK branch office at One Canada Square, Canary Wharf, London E14 5AA. Branch registration number: BR MetLife Europe d.a.c. (trading as MetLife) is authorised by the Central Bank of Ireland and subject to limited regulation by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). Details about the extent of our regulation by the FCA and PRA are available from us on request. WM l SEP 2016