MetLife Annuity Plan
Businesses never stand still and now more than ever employers and employees are looking for flexible and portable staff benefits. Our Plan is a tailor-made defined-contribution pension product designed for the specific needs of employees of multinationals within the Middle East region. It offers cash accumulation and a range of investment choices that is both flexible and portable.
- Investment options ranging between conservative, balanced and aggressive portfolios
- Sharia-compliant portfolios are also available
- Investment selections can be changed and you can avail of one free inter-portfolio transfer in a quarter.
- Contributions to the plan can be made by both the employer and employee.
- Allocations are made at 100% of contributions received.
- Transparent charging structure
- Optional withdrawal facility to make it even more flexible.
- Online access to plan details, both for employers and employees
- Regular statements and plan participant booklets to assist employees on the status of the Plan.
Customised Plan Design: The MetLife Annuity Plan can take the form of many different types of plans – from a traditional defined contribution plan through to a profit sharing plan. Whatever your needs, the plan can be tailored to meet them.
Simple: An amount of money, usually expressed as a percentage of salary, is allocated at 100% each year for each employee in the plan.
Vesting: This feature allows employers to reward and motivate employees. The employee earns an increasing percentage of the employer’s contributions according to a vesting schedule set out in the plan. The employer decides on a suitable vesting schedule to ensure high caliber staff retention.
Retirement Options: At retirement, participants can opt to receive their accumulated funds either in cash or an annuity.
The following annuity options are available:
Life Annuity
Life Annuity Guaranteed for a certain period
Life Annuity with contingent Annuitant
Eligibility
Any company registered in the Gulf with a minimum annual deposit of US$ 25,000 for the entire plan
Currency
All portfolios are in US Dollar
Payment modes
Payments can be made on a regular basis, as lump-sums, and can be both mandatory and voluntary. Contributions can be done through direct bank transfers or by cheques.
Plan contributions can also be facilitated through payroll deductions and is usually self billed.
MetLife group insurance policies contain certain exclusions, reductions, limitations and terms for keeping them in force. Contact your MetLife representative for more information.
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Saving for your future
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Saving for your retirement