MetLife has struck a partnership with Constancy Investments to introduce the MetLife Assured Earnings Programme.
The brand new providing is a set speedy revenue annuity, geared toward offering retirees with a steady supply of revenue.
It can be obtainable by Constancy’s Assured Earnings Direct, a retirement revenue answer.
This alliance goals to broaden entry to speedy revenue annuities, enabling plan sponsors to include retirement revenue choices inside their outlined contribution plans.
MetLife’s answer permits members throughout numerous financial savings ranges to buy a right away revenue annuity by an insurer chosen by their employer.
They’ll annuitise any portion of their financial savings, with the rest staying inside the plan.
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This flexibility helps workers in tailoring their retirement revenue based on their particular person wants.
Analysis carried out by MetLife has revealed that 71% of US workers fear about outliving their retirement financial savings, a surge from 60% two years prior.
One other examine by MetLife highlighted that one-in-three retirees (34%) who opted for a lump sum from their outlined contribution plan had exhausted their funds inside a mean of 5 years.
The Assured Earnings Programme gives an answer by offering a assured revenue stream by an employer, serving to plan members set up a extra financially safe retirement.
In distinction, retirees who take lump-sum funds as an alternative of annuitising face the danger of depleting their financial savings prematurely, probably leaving them reliant on Social Safety as their sole revenue supply.
MetLife senior vice-president and head of annuities Melissa Moore stated: “At MetLife, we imagine simplicity ought to be the tenet when providing revenue annuities, and this answer makes it easy for plan sponsors to supply assured revenue and easy for plan members to annuitise their financial savings.
“Having a assured stream of revenue can assist retirees price range for his or her day-to-day bills and defend towards depleting their financial savings too rapidly.”
Within the fourth quarter of 2023, MetLife registered a web revenue of $574m.
This represents a 63% lower from $1.5bn in the identical quarter of 2022.
The decline was pushed by market threat profit remeasurement losses that outweighed a rise in web spinoff beneficial properties.
