FAQs

It's important you understand what we offer at MetLife. We've pulled together some frequently asked questions and answers to help you below.

Topics
Who is MetLife Europe d.a.c.?
MetLife Europe d.a.c. is a member of the MetLife group, a leading provider of insurance and other financial services to individual and group customers. In the UK, we are authorised to provide retirement and long-term saving solutions exclusively through Financial Advisers.
Can I take out the Trustee Retirement Portfolio?
The Trustee Retirement Portfolio can be taken out by trustees of an HMRC registered SIPP or SSAS.
Can I apply for the Investment Bond Portfolio?
If you are a UK resident and aged over 18 or a UK based private limited company, you can apply for the Investment Bond Portfolio. Maximum age restrictions apply for certain investment options and lives assured.
Who is MetLife Europe d.a.c.?
MetLife Europe d.a.c. is a member of the MetLife group, a leading provider of insurance and other financial services to individual and group customers. In the UK, we are authorised to provide retirement and long-term saving solutions exclusively through Financial Advisers.
Can I contribute to the MetLife Retirement Portfolio?
If you are a UK resident, you can contribute to the MetLife Retirement Portfolio from the age of 23 up until your 75th birthday. After your 75th birthday, you cannot make any further contributions. However, you can transfer in benefits from another pension scheme up until your 91st birthday.
Is the MetLife Retirement Portfolio a stakeholder pension?
No, the Government has set minimum standards on the charges and product terms for stakeholder pensions. As the MetLife Retirement Portfolio provides a valuable guaranteed benefit, our charges may exceed those allowed under stakeholder schemes.
How much can I pay in?
To open a MetLife Retirement Portfolio, you must pay in at least £30,000. This can be made up of transfers from other pension arrangements and lump sum contributions. If you want to make regular contributions, they must total at least £1,200 a year. The maximum you can currently pay into Guaranteed Investments across all MetLife policies is £1,500,000. If you want to pay in more, please contact us.
What might I get from my MetLife Retirement Portfolio?
The actual amount you receive will be determined by a number of factors, including: • the amount you have invested • how long it has been invested for • the investment performance of your selected funds or investments • whether you have selected the Secure Income Option, Secure Capital Option or the Protected Growth Funds • the product charges • any payments you ask us to make to your Financial Adviser • any Tax-free Lump Sum withdrawals and/or income you take.
What choices will I have when I take benefits from my pension fund?
The MetLife Retirement Portfolio can be used to provide retirement benefits from age 55. You can then decide to take an income immediately or defer it to a later date. Providing you have not already done so, you can usually choose to take a Tax-free Lump Sum of up to 25% of your pension fund value. This sum will be calculated on the fund value at the time and will reduce proportionately the value of any guarantee you have selected.
Can I transfer out of the MetLife Retirement Portfolio?
You can transfer your benefits out of the MetLife Retirement Portfolio into another UK-registered pension scheme or a qualifying recognised overseas pension scheme at any time. If you have taken a lump sum or income from your MetLife Retirement Portfolio then you can usually only transfer benefits in full to another arrangement that provides a drawdown pension. Alternatively, you may purchase an Annuity from another provider but once bought you may not be able to change your mind.
What benefits are paid when I die?
The Secure Income Option and Secure Capital Option include Guaranteed Death Benefits meaning your remaining fund value will be used to provide your beneficiaries with: • a lump sum; and/or • income (from a drawdown pension or an Annuity). Tax may be payable depending on the age at which you die.
How will I know how my MetLife Retirement Portfolio is doing?
Each year, we will send you a statement showing you how your MetLife Retirement Portfolio is performing. You can also request a statement at any time by contacting us.
Can I pay my Financial Adviser from my MetLife Retirement Portfolio?
Yes, you can. For the options available, please refer to the Adviser Charging section below.
Can I change my mind?
You can change your mind within 30 days of receiving the cancellation notice issued when your application for your bond is accepted. However, please consider the following: • If your contribution has been invested and the fund value has fallen, the amount refunded to you will be less than your original investment. • If you have transferred benefits from an existing pension arrangement, it may not be possible for that arrangement to accept the money back. • If you have asked us to make payments to your Financial Adviser, any amounts paid prior to cancellation will not be returned to you by us. You may, however, be able to recover some or all of these amounts directly from your Financial Adviser.
What about tax?
The MetLife Retirement Portfolio is a registered pension scheme, which means it has some tax advantages over other types of investment: • you can receive tax relief on your contributions • the funds grow free of most taxes • you can receive 25% of your fund tax-free • your pension fund will not usually be subject to inheritance tax. Any income you take is subject to income tax. For any questions regarding taxation and the impact of this investment on your personal circumstances, you should talk to your Financial Adviser.
Is the MetLife Retirement Portfolio right for me?
The MetLife Retirement Portfolio is designed to suit people both at an early stage of their retirement planning or at the point of retirement, including a number of investment and guarantee options designed to suit all types of people. It can be an effective pension solution if you: • have built up a healthy pension fund and want to protect yourself against market falls • • are retiring and want the flexibility of income drawdown but the certainty of a fixed annuity • have taken income drawdown, but want protection from the impact of market falls on your income To find out more about our Retirement Portfolio, it’s important to speak to your Financial Adviser. You can find an adviser at unbiased.co.uk.
Why do I need flexibility?
Flexibility gives you the freedom to adapt your pension arrangements as your needs, priorities, and attitudes to risk change.
Can I buy direct from MetLife?
Before making any important financial decision, we always recommend getting expert advice from a financial adviser. As such, all of our retirement and investment products are available exclusively through financial advisers.
Can I take out the Trustee Retirement Portfolio?
The Trustee Retirement Portfolio can be taken out by trustees of an HMRC registered SIPP or SSAS.
What is the MetLife Trustee Retirement Portfolio?
The Trustee Retirement Portfolio is a Trustee Investment Plan. It allows trustees of certain pension schemes to invest in MetLife's products, including those with guarantees. To find out more about our Retirement Portfolio, it’s important to speak to your Financial Adviser. You can find an adviser at unbiased.co.uk.
How much can I pay in?
The minimum amount required to set up the Trustee Retirement Portfolio is £30,000. Additional one-off payments of £1,000 can be made as well as regular premiums of at least £1,200 per year. The maximum you can pay into Guaranteed Investments across all MetLife policies is £1,500,000. If you want to exceed this limit, please contact us.
What might I get from my MetLife Trustee Retirement Portfolio?
The amount you receive will be determined by a number of factors, including: • the amount you have invested • how long it has been invested for • the investment performance of your selected investment funds • whether you have selected the Secure Income Option, Secure Capital Option or Protected Growth Funds • the product charges • any payments you ask us to make to your Financial Adviser • any withdrawals you take • whether you make any fund switches.
Can I take money out of the MetLife Trustee Retirement Portfolio?
You can take regular withdrawals or a one-off withdrawal from the Trustee Retirement Portfolio at any time. The amount requested will be paid to your SIPP or SSAS Scheme bank account. There is no limit on the amount that can be withdrawn from the Trustee Retirement Portfolio.
What benefits are paid when I die?
The remaining fund value will be paid into your SIPP or SSAS, who will then be able to pay benefits to your beneficiaries. The Secure Income Option and Secure Capital Option include Guaranteed Death Benefits. See the relevant sections for details.
How will I know how my MetLife Trustee Retirement Portfolio is doing?
Each quarter, we will send your scheme or trustee and your adviser a statement showing how your MetLife Trustee Retirement Portfolio is performing. They can also request a statement at any time by contacting us.
Can I change my mind?
The trustees will be sent a cancellation notice when the application for the Trustee Retirement Portfolio is accepted. This gives them 30 days to cancel the policy. However, please bear in mind: • If, during this period, the fund value has fallen, the amount refunded to the Scheme will be less than the original investment. • If you have asked us to make payments to your Financial Adviser any amounts paid prior to cancellation will not be returned to you by us. • You may, however, be able to recover some or all of these amounts directly from your Financial Adviser.
Can I apply for the Investment Bond Portfolio?
If you are a UK resident and aged over 18 or a UK based private limited company, you can apply for the Investment Bond Portfolio. Maximum age restrictions apply for certain investment options and lives assured. To find out more about our Retirement Portfolio, it’s important to speak to your Financial Adviser. You can find an adviser at unbiased.co.uk.
How much can I pay in?
If you want to open a bond, the minimum amount required is £10,000. The minimum additional payment to an existing plan is £1,500 (£5,000 if invested in guaranteed portfolios). Additional payments can be made at any time but will be subject to the charges or investment choices applicable. The maximum you can pay into Guaranteed Investments across all MetLife policies is £1,500,000. If you want to exceed this limit please contact us. Investments can be accepted in Sterling only and we reserve the right to not accept top-ups in the future.
What might I get from my MetLife Investment Bond Portfolio?
The amount you receive will be determined by a number of factors, including: • the amount you have invested • how long it has been invested for • the investment performance of your selected investment funds • whether you have selected the Secure Income Option, Secure Capital Option or Protected Growth Funds • the product charges • any payments you ask us to make to your Financial Adviser • any withdrawals you take • whether you make any fund switches • depending upon your personal circumstances, any tax you may need to pay.
Can I take money out of the MetLife Investment Bond Portfolio?
You can make regular or one-off withdrawals at any time and there is no limit on the amount you can withdraw. Regular withdrawals can be made monthly, quarterly, termly, half-yearly or annually. Any withdrawals will reduce your fund value by the amount withdrawn. If you select the Secure Income Option or Secure Capital Option, withdrawals may affect your guaranteed amount and ability to select the same guarantee in the future. Regular withdrawals are permitted subject to a minimum of £100. There may be a tax implication if you make a withdrawal. Unless you are making guaranteed withdrawals, you must leave at least £5,000 in the plan or £1,000 in each fund.
What is the tax maximiser option?
The MetLife Secure Capital and Secure Income Option incorporate the Tax Maximiser Option. If your investment has increased in value, the Tax Maximiser Option allows you to either surrender or 'rebase' your bond and re-invest within the same guarantee. By doing this you can take tax-deferred withdrawals from a potentially larger investment. You should always seek tax advice before exercising this option.
What benefits are paid when the life assured dies?
When the named holder or “life assured” passes away, a benefit is payable. Where there are two lives assured, the benefit may be payable on the first death or the second death depending on what option was selected at outset. Where there are more than two lives assured, the benefit will be payable on the last of the lives assured to die. Unless the death benefit is enhanced by the Secure Capital or Secure Income options, it will be 100.1% of the fund value.
How will I know how my MetLife Investment Bond Portfolio is doing?
Each year, we will send you a statement showing how your MetLife Investment Bond Portfolio is performing. You can also request a statement at any time by contacting us.
Can I change my mind?
You can change your mind within 30 days of receiving the cancellation notice issued when your application for your bond is accepted. However, please bear in mind: • If your premium has been invested and the fund value has fallen, the amount refunded to you will be less than your original investment. • If you have asked us to make payments to your Financial Adviser, any amounts paid prior to cancellation will not be returned to you by us. You may, however, be able to recover some or all of these amounts directly from your Financial Adviser.
What about tax
It is your responsibility to obtain advice on the taxation implications of owning the bond. If you choose the international version, a tax liability may arise if you change your country of residence. We may make a deduction from your bond in order to pay this tax where we are legally obliged to do so. Please remember that the tax rules relating to your bond may change in the future which could affect the returns you receive from your investment or the charges MetLife makes on your investment.
What is an Individual Savings Account?
An Individual Savings Account is a tax efficient way of investing your money. They are available to UK residents and the maximum annual amount you can pay in is set by HM Revenue and Customs (HMRC). There is no personal liability to income or capital gains tax on income or growth within your ISA and you can withdraw money at any time free of tax. For further information, please contact your Financial Adviser.
Can I apply for a MetLife ISA?
If you are a UK resident for tax purposes and aged 18 or above but have not yet reached your 91st birthday, you can apply for a MetLife ISA. To open an ISA, you must pay in at least £15,000 made up of transfers from other ISAs and/ or lump sum subscriptions. After that, additional investments of at least £1,000 can be made. The maximum you can currently pay into Guaranteed Investments across all MetLife products held by you is £1,500,000. If you want to exceed this limit please contact us. To find out more about our Retirement Portfolio, it’s important to speak to your Financial Adviser. You can find an adviser at unbiased.co.uk.
What are the life assurance policies held within my ISA?
You will be issued a separate life assurance policy for every payment you make into your ISA. This will be shown by the ISA schedule document that we will send you following each payment. These life assurance policies are the means through which you access the Investment Funds under your ISA and, although you may be issued a number of life assurance policies, the investments under these policies will be managed together within your ISA.
What might I get from my ISA?
The amount you receive back from your ISA will be determined by a number of factors, including: • the amount you have invested • how long it has been invested for • the investment performance of your selected Investment Funds • whether you have selected the Secure Income Option or the Secure Capital Option • the product charges • any payments you ask us to make to your Financial Adviser • any withdrawals you have taken • whether you make any switches.
Can I make withdrawals or transfer my ISA?
You can make cash withdrawals or transfer all or some of the value out of your ISA to another Individual Savings Account at any time. Please contact us for information on making withdrawals or transfers.
What benefits are paid when I die?
If you pass away,100.1% of the value of your investment will be payable to your estate. You should note that the tax benefits of an Individual Savings Account cease on death, though if you have a spouse or civil partner they may get an additional Individual Savings Accounts allowance equal to the amount held in your ISA. The Secure Income Option and Secure Capital Option include Guaranteed Death Benefits that may enhance the death benefit. See the relevant sections below for further details.
How will I know how my ISA is doing?
Twice a year, we will send you a statement showing you how your ISA is performing. You can also apply for a statement at any time by contacting your Financial Adviser, who will be able to request a statement on your behalf. Alternatively, you may ask us to provide you with a statement directly.
Can I pay my Financial Adviser from my ISA?
Yes you can. For the options available please refer to section 5 'Adviser Charges' on page 8.
Can I change my mind?
You can change your mind within 30 days of receiving the cancellation notice issued when your application for your bond is accepted. You can also change your mind within 30 days of receiving a cancellation notice issued to you following any additional subscriptions or transfers you make. However, please bear in mind: • If your subscription or transfer has been invested and the fund value has fallen, the amount refunded to you will be less than your original investment. Any withdrawals you have made will be deducted from the amount refunded to you. • If you have transferred benefits from an existing Individual Savings Account, it may not be possible for that arrangement to accept the money back and you may want to select a new Individual Savings Account to transfer to. • If you have asked us to make payments to your Financial Adviser, any amounts paid prior to cancellation will not be returned to you by us. You may, however, be able to recover some or all of these amounts directly from your Financial Adviser.
What about tax?
For any questions regarding taxation and the impact of this investment on your personal circumstances, please consult your Financial Adviser.
How old do I need to be to take out cover?
You can take out this policy from 18 years old up to your 60th birthday and can continue cover up until your 70th.
How much will cover cost me?
Our policies cost between £7 and £35 per month and the price relates to the level of cover you select. There are five levels of cover and the more units you buy the higher your benefits will be. Plus, the cost of your cover won’t change either when you make a claim or as you get older.
I have a medical condition, can I get cover?
We won’t ask you any health questions when you apply and in most cases it won’t matter whether you have had any health conditions in the past (subject to terms and conditions).
Are there any occupations that I can’t get covered for?
There are certain occupations that are not covered under our policy. You can find a full list of excluded professions here
Am I covered if I travel abroad?
Yes, MultiProtect provides extra financial support for you 24/7 worldwide for a range of specified accidental injuries. However, you can claim for hospital stays in UK hospitals only.