We use met life.

I'm not a fan. I don't recommend them for my clients. The problem with their plan is that it pays an income based upon a presumed rates of return however their funds don't have a track record of achieving that return so over time your pot dwindles. That won't effect your income however it will effect your options for change or access if your needs change during retirement. You could find yourself stuck with them unable to move away if the pot has fallen and then you're committed to them in the same way you would be with an annuity, which is what the pension freedom act was designed to remove.

If you're looking for pension drawdown Prudential is the one to choose. Use one of the Prufund range. Net returns are around 5.2%pa which is far better than MetLife and you retain total freedom to switch to an annuity or another provider at any time without exit penalties. They have a proven track record of performance and over £100bn in the pot so find security is fairly assured.

If you take 5.2% as income your fund won't go down (providing pru don't drop their Returns) but even if they do, it's still best rate available without any significant commitment.

I use them a lot (I have over £12m of client money with pru) and I've not had a single complaint about them or the fund in 13 years.

If it ain't broke, don't fix it.

Always happy to help over the phone to a fellow wrather. Call my office and ask for James. 0191 223 6770. No charge. :)

Posted By: Newcastle Canary on July 18th 2016 at 21:24:47

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