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Retirement Annuities
Friday, February 1, 2002
Buying your own

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 probably the most crucial investment decision that a fund member is ever likely to make.

Wessel Vermaas, senior manager: financial and legal advisors, 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, the company has introduced an Annuity Hotline, which is manned by professional pension consultants and offers instant access to expert advice. Quotations and applications for annuities have been simplified and can also be handled by fax through the hotline service.
Metropolitan Life says it currently offers “the most competitive annuity rates in the industry.” Over the past year it says it had the highest annuity rates for 50 out of 52 weeks. “We are now translating this capability into a benefit for our customers and also looking to attract a larger slice of the retirement fund industry, which is conservatively estimated to be worth R800 million,” notes Mr Vermaas.
Metropolitan’s annuity hotline – 0860 990099 - operates on a shared-call basis, so all calls are charged at local rates. There are no further costs for the service, other than normal commission and administration charges that are already included in the product.
For further information please contact Wessel Vermaas on (021) 940-5769

Copyright © Insurance Times and Investments® Vol:15.1 1st February, 2002
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