The large scale shift from defined benefit to defined contribution funds has given retirement fund members the choice of purchasing their own pensions when they retire, removing the onus from the employer. This is the most crucial investment decision a fund member is likely to make.
Wessel Vermaas, the senior manager of financial and legal advisers at Metropolitan Life, says investment options are extremely complex and access to professional advice is limited, particularly for fund members in the lower-income brackets.
In response to this need, Metropolitan has introduced an Annuity Hotline manned by professional pension consultants which offers instant access to expert advice. Quotations and applications for annuities have been simplified and can be handled by fax through the hotline service.
Vermaas says Metropolitan Life offers some of the most competitive annuity rates in the industry. Over the past year the company had the highest annuity rates for 50 out of 52 weeks.
Metropolitan's annuity hotline - 0860 990099 - operates on a shared-call basis and calls are charged at local rates. There are no further costs for the service, other than normal commission and administrative charges which are built into the product.