Major insurer, MetLife has joined with industry fund MTAA Super to launch a retirement income solutions product that guarantees an income stream in retirement.
The solution, MTAA Super RetireSafe, is a guaranteed income for life product designed to provide protection against market and longevity risk and is payable as an account-based pension.
While the product is already available, it will be officially launched in early February 2013 to coincide with the commencement of a national road-show to promote the fund’s retirement products.
Commenting on the product, MetLife chief executive Marc Lieberman said it filled a gap in the retirement income product market.
The product provides protection against market risk and longevity risk and includes a guaranteed income for life payable as an account-based pension after age 60.
It also includes a reversionary benefit option and has no exit fees or commissions.
