KEY FEATURES OF THE METLIFE RETIREMENT PORTFOLIO

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Retirement Portfolio

Contents

1 Key Features of the MetLife Retirement Portfolio 3

2 Guarantee Options 8

3 Other Investment Options 16

4 Product Charges 18

5 Adviser Charges 19

6 Further Information 20

7 Glossary 22

About this Key Features Document

This Key Features Document aims to give you a summary of important information you should know about the MetLife Retirement Portfolio. For further information you should also read the MetLife Retirement Portfolio Terms and Conditions. If you do not have a copy, you can obtain one from your Financial Adviser or by contacting us directly.

The Financial Conduct Authority is the independent financial services regulator. It requires MetLife to give you this important information to help you to decide whether the MetLife Retirement Portfolio is right for you.

You should read this document and your personalised illustration carefully to ensure you understand what the product is, how it works and what the risks are. We recommend you keep both documents safe for future reference. A glossary of terms is included at the back of this document for your reference and the terms are capitalised throughout the document for ease.

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What is the MetLife Retirement Portfolio?

The MetLife Retirement Portfolio is a registered personal pension.

You can choose from a range of investment options to hold within your MetLife Retirement Portfolio, enabling you to build a tailored pension plan, structured around your personal circumstances and your future financial needs.

The MetLife Retirement Portfolio also allows you to protect your retirement with one of MetLife’s guarantee options, which can provide you with the certainty of a guaranteed capital amount (Secure Capital Option), a guaranteed income for life (Secure Income Option), or alternatively a level of investment protection.

Its aims

To allow you to:

• provide a flexible way of saving for your retirement in a tax-efficient way

• select, with the help of your Financial Adviser, the investments that match your objectives and the level of risk you are happy taking

• provide the certainty of a guaranteed income for life through the Secure Income Option

• provide the certainty of a guaranteed capital amount through the Secure Capital Option

• take an income from age 55

• provide for your beneficiaries on your death

• transfer the value of your plan to another pension or to buy a Lifetime Annuity at any time.

Key Features of the MetLife Retirement Portfolio?

Your commitment

• Pay in at least £30,000 made up of transfers from other pension arrangements and/or lump sum contributions

• Review your MetLife Retirement Portfolio regularly with your Financial Adviser to ensure it continues to meet your needs

• Ensure that you understand the risks and charges associated with this product.

Risks

• The risk associated with your investment will be dependent on your chosen investment option.

• You may receive less than the amount shown in your illustration or less than you paid in, because:

- investment performance may be lower than shown in your illustration

- you may have withdrawn more than the amount shown in your illustration

- the tax rules that apply to your investment may change

- you may have taken benefits earlier than expected.

• If you are transferring the value of benefits from another pension scheme, you may receive less benefit than the amount you would have received from the original scheme.

• If you ask us to pay Adviser Charges from your MetLife Retirement Portfolio your investments will grow at a slower rate than if you had not. If you request these to be paid from Guaranteed Investments, the likelihood that the guaranteed benefits will increase through the lock-in of fund performance will reduce. The higher the level of Adviser Charges paid, the greater their impact.

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• In exceptional circumstances we may have to delay making a payment to you, or carrying out an instruction from you to switch your money between funds. This could be due to adverse market conditions or where it would lead to the unfair treatment of you or other policyholders. Following any delay, transactions will be carried out at the price applicable after the deferred period, which will mean that the price will be different from the price when you first instructed us.

• The guarantees provided by the MetLife Retirement Portfolio are provided by MetLife Europe d.a.c.. If MetLife Europe d.a.c.. were to fail, your investment in the MetLife Retirement Portfolio and the guarantee element of the MetLife Retirement Portfolio could be lost. However, you could be entitled to compensation under the UK Financial Services Compensation Scheme, depending on the circumstances of your claim. Please see the ‘Compensation’ section on page 20 of this document for more information on the compensation available.

• Inflation can reduce the value of your investment and income payments.

Risks specific to withdrawing income

• If you take an income from the MetLife Retirement Portfolio, this will reduce your fund value.

• If you take an income, the income you receive may be lower than the amount you could have received from a Lifetime Annuity. Lifetime Annuity rates change, and there is no guarantee that they will remain at their current levels, should you decide to purchase a Lifetime Annuity in the future.

• Unless you select the Secure Income Option, the level of income you can withdraw is not guaranteed and the overall amount you are able to take will depend on the value and performance of the investments you hold in your plan.

If your investments perform poorly or you take too much income, your income may run out if you do not adjust the level of income you take.

This table shows how MetLife's guarantee options compare to a Lifetime Annuity and Income Drawdown.

Lifetime Annuity

Income Drawdown

MetLife Secure Income Option

MetLife Secure Capital Option

Does it deliver a guaranteed income? Yes No Yes No

Can future income increases be guaranteed?

No, unless linked to inflation or escalating

No Yes, if income is deferred

Not applicable

Is there a death benefit? Yes, if selected Yes, return of funds Yes, a Guaranteed Death Benefit

Yes, a Guaranteed Death Benefit

Is there any investment growth potential?

This is an insurance policy paying a guaranteed income, not a stockmarket-linked investment

Yes Yes Yes

Is there a choice of investments? Yes, a wide choice Yes, a limited choice Yes, a limited choice

Is there any flexibility to alter the plan in the future?

Yes Yes Yes

Is there any protection against stock market falls?

Not applicable No Yes - future income guaranteed, fund value not guaranteed

Yes - capital amount guaranteed at end of term

What about charges? Costs are allowed for in your level of income

Transparent charges Transparent charges with an additional cost for the guarantee

Transparent charges with an additional cost for the guarantee

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Questions and answers on the MetLife Retirement Portfolio

Can I contribute to the MetLife Retirement Portfolio?

You can contribute to the MetLife Retirement Portfolio if you are a UK resident aged 23 up until your 75th birthday. After your 75th birthday you cannot make any further contributions, but you can transfer in benefits from another pension scheme up until your 91st birthday.

Is it a stakeholder pension?

No. The Government has set minimum standards on the charges and product terms for stakeholder pensions.

The MetLife Retirement Portfolio provides a valuable guaranteed benefit, which means our charges may exceed those allowed under stakeholder schemes.

A stakeholder pension may meet your needs at least as well as the MetLife Retirement Portfolio; your Financial Adviser will be able to recommend which type of pension is most appropriate for you.

How much can I pay in?

You must pay in at least £30,000 made up of transfers from other pension arrangements and/or lump sum contributions. Additional investments of at least £1,000 can be made. If you want to make regular contributions, they must total at least £1,200 a year from each payer.

The maximum you can currently pay into Guaranteed Investments across all MetLife policies is £1,500,000. If you wish to exceed this limit please contact MetLife.

What might I get from my MetLife Retirement Portfolio?

Please see your illustration to get an indication of what you might receive. The actual amount you receive may be higher or lower than this and will be determined by a number of factors, including:

• the amount you have invested

• how long it has been invested for

• the investment performance of your selected investment funds

• whether you have selected the Secure Income Option, Secure Capital Option or the Protected Growth Funds

• the product charges

• any payments you ask us to make to your Financial Adviser

• any Tax-Free Lump Sum withdrawals and/or income you take.

What choices will I have when I take benefits from my pension fund?

The MetLife Retirement Portfolio can be used to provide retirement benefits from age 55.

Providing you have not already done so, you can usually receive a Tax-Free Lump Sum of up to 25% of your pension fund value. If you choose to take a Tax-Free Lump Sum from your pension fund, this will be calculated on the fund value and will reduce proportionately the value of any guarantee you have selected if drawn from this fund.

You can then decide to take an income immediately or defer it to a later date.

If you are taking benefits for the first time from 6 April 2015, your income will be provided by a flexi-access drawdown pension. Under flexi-access drawdown you can take as much income as is required subject to income tax. Alternatively you can take one or more lump sums from uncrystallised funds, known as an ‘Uncrystallised Funds Pension Lump Sum’ (UFPLS). 25% of an UFPLS is usually tax-free; the rest is taxable as income. Taking a large UFPLS could cause you to pay tax at a higher rate.

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If you took benefits prior to 6 April 2015, you may have a ‘capped’ drawdown pension. Capped drawdown continues unless you decide to convert to flexi-access drawdown. Capped drawdown income is subject to limits set by HM Revenue & Customs (HMRC) based on rates published by the Government Actuary’s Department (GAD).

You may purchase a Lifetime Annuity from another provider. Once bought you cannot change the basis of most annuities. MetLife does not provide annuities, but if you would like to purchase one please contact us and tell us which company you would like to provide you with this.

Can I transfer out of the MetLife Retirement Portfolio?

You can transfer your benefits out of the MetLife Retirement Portfolio into another UK-registered pension scheme or a qualifying recognised overseas pension scheme at any time.

If you have taken a lump sum or income from your MetLife Retirement Portfolio, then you can usually only transfer benefits in full to another arrangement that provides a drawdown pension.

Alternatively you may purchase a Lifetime Annuity from another provider, but once bought you may not be able to change your mind.

What benefits are paid when I die?

The remaining fund value will be used to provide your beneficiaries with benefits, which could include:

• a lump sum; and/or

• income (from a drawdown pension or a Lifetime Annuity).

Tax may be payable on lump sum death benefits or income depending on the age at which you die.

The Secure Income Option and Secure Capital Option include Guaranteed Death Benefits. See the relevant sections for details.

How will I know how my MetLife Retirement Portfolio is doing?

We will send you a statement each year showing you how your MetLife Retirement Portfolio is performing. You can also request a statement at any time by contacting us.

Can I pay my Financial Adviser from my MetLife Retirement Portfolio?

Yes you can. For the options available please refer to the 'Adviser Charges' section later in this document.

Can I change my mind?

You can change your mind within 30 days of receiving the cancellation notice that will be issued to you when your application for the MetLife Retirement Portfolio is accepted.

If your contribution has been invested and the fund value has fallen, the amount refunded to you will be less than your original investment.

If you have transferred benefits from an existing pension arrangement, it may not be possible for that arrangement to accept the money back.

If you have asked us to make payments to your Financial Adviser, any amounts paid prior to cancellation will not be returned to you by us. You may, however, be able to recover some or all of these amounts directly from your Financial Adviser.

What about tax?

The MetLife Retirement Portfolio is a registered pension scheme, which means it has some tax advantages over other types of investment:

• you can receive tax relief on your contributions

• the funds grow free of most taxes

• you can receive 25% of your fund tax-free

• your pension fund will not usually be subject to inheritance tax.

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Any income you take is subject to income tax.

HMRC sets two limits to these tax advantages. Firstly, an annual allowance or money purchase annual allowance which restricts tax relief on contributions in a year and secondly, a lifetime allowance which restricts the value of benefits you can take in your lifetime.

For any questions regarding taxation and the impact of this investment on your personal circumstances, you should talk to your Financial Adviser.

Please remember that the tax rules relating to your MetLife Retirement Portfolio may change in the future, which could affect what you receive from your pension fund.

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Guarantee Options

If you’re looking for a secure income in retirement, our Secure Income Option guarantees you an income for life, regardless of market fluctuations. You can choose to take an immediate income, or defer this until a later date and benefit from MetLife’s Income Deferral Increases.

Aims

The Secure Income Option aims to provide you with:

• a guaranteed income for life from age 55 or later

• the potential to increase your income by locking in any increase to your Secure Income Base each day

• the opportunity to delay taking income and benefit from daily Income Deferral Increases

• the flexibility to start, stop and restart your income payments according to your needs

• the ability to provide for your beneficiaries upon your death.

You may want to choose this option if you:

• are age 50 or over (or 55 if you want to take income immediately)

• want a guaranteed level of income you can rely on in your retirement now or in the future

• are concerned that if you take income from your pension fund it may run out, leaving you with a reduced level or no income in retirement

• want the ability to access your investment flexibly now or in the future, and vary the level of income you take

• want to be able to pass on a guaranteed amount of benefits on your death.

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You may not want to choose the Secure Income Option if you:

• want to receive the highest starting level of guaranteed income possible, this will typically be provided by a Lifetime Annuity

• do not want the ability to access your investment flexibly now or in the future, or vary the level of income you take

• are unwilling to pay a charge for the benefits of an income guarantee that will impact the performance of your investment

• are not concerned about passing on a guaranteed amount in the event of your death

• are willing to take on higher levels of investment risk which are unavailable with this option, to potentially obtain better returns and a higher level of income in the future.

Risks

• The value of your investment is not guaranteed and may be worth less than the Secure Income Base which is used to calculate your guaranteed benefits.

• Once you start taking your guaranteed income it won’t increase unless the growth in the fund exceeds the charges, the guaranteed income and any Payments Out you have asked us to make.

• If you choose to make Payments Out, including amounts in excess of your guaranteed income, from your Secure Income Investments, this will proportionately reduce your guaranteed income and benefits.

• Although you can transfer or withdraw your pension fund from the MetLife Retirement Portfolio at any time, the amount transferred will be the value of your investment which can go down as well as up and you may not get back what you have paid in.

The Secure Income Option - a secureretirement income now or in the future

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Questions and Answers

What is the Secure Income Option?

The Secure Income Option is an option under the MetLife Retirement Portfolio which guarantees you an income for the rest of your life.

In addition, the guaranteed amount has the potential to increase through:

• daily lock-ins of positive investment performance above the Secure Income Base (whether you defer your income or take it immediately)

• guaranteed daily Income Deferral Increases where you choose to delay some or all of your income.

You can have the Secure Income Option on all or part of your investment.

Can I choose the Secure Income Option?

To select the Secure Income Option you have to invest at least £5,000. After that you can invest additional amounts of at least £1,000 as well as regular contributions of at least £1,200 per year.

You must be aged 50 or over to select the Secure Income Option, though you will not be able to take income until you reach age 55. The latest age at which you can select this option is 75. If the Secure Income Option is selected on a joint life basis, then the younger of the two lives must meet the age restrictions.

How does the Secure Income Option work?

When you invest in the Secure Income Option you can choose from different levels of maximum Growth Asset exposure.

In general terms, if you choose a higher maximum exposure to the Growth Asset your investment has more potential exposure to equity. However, it also means that the value of your underlying investment will be less stable and more variable than if you choose a lower maximum Growth Asset exposure.

Your investment into the Secure Income Option, less any Initial Adviser Charge, is called your Secure Income Base. We calculate your guaranteed income using a percentage of your Secure Income Base, which depends on:

• your age (or age of the younger person if selecting joint life) when you select the option; and

• whether the income is based on a single life or joint lives.

We call this percentage your Guaranteed Income Percentage.

The Secure Income Option can be selected on a single or joint life basis. If joint life is chosen, the guaranteed income can be paid to the joint life on your death.

Your Guaranteed Income Percentage and level of guaranteed income will be stated on your personalised illustration.

For joint life, the Guaranteed Income Percentage is reduced and based on the younger of the two lives.

Can I delay taking my income?

Yes you can. If you delay taking your guaranteed income, MetLife guarantees to increase your Secure Income Base by a compound percentage per year. These increases are called Income Deferral Increases.

The Income Deferral Increases will be applied on a daily basis to your current Secure Income Base.

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Is there a limit to how long I can defer taking my income?

You can delay taking your guaranteed income for as long as you like.

What happens if I want to take only part of my income?

If you decide to take less than the full amount of guaranteed income the Income Deferral Increase will still apply. For example if you decide to take 75% of the guaranteed income, you will receive 25% of the Income Deferral Increase.

How is my Guaranteed Income Percentage calculated if I make regular contributions while deferring my guaranteed income?

For each regular payment into the Secure Income Option, a corresponding Guaranteed Income Percentage will be set, and this will be based on your age (or the younger age if joint life) at the time the payment was made.

If you make regular contributions the overall income you receive will be determined by the contributions, you have made and the income percentage you receive for each regular contribution.

What is a Secure Income Review?

Secure Income Reviews take place daily. At each review we compare the value of your investment with your Secure Income Base.

Where the value of your investment is higher than your Secure Income Base, we will increase your Secure Income Base to the higher amount.

Where the value of your investment is lower than your Secure Income Base, the Secure Income Base will remain the same unless you are delaying income and receive an Income Deferral Increase.

How flexible is the Secure Income Option?

The Secure Income Option is very flexible. You can take more than the guaranteed income, but this will be treated as a Payment Out and will immediately reduce your guaranteed income proportionately. You should speak to your Financial Adviser for more information.

You can switch the value of your investment out of the Secure Income Option at any time, however you will lose any guaranteed benefits associated with that Guaranteed Investment. You can switch back into the currently available Secure Income Option at any time.

As an alternative you can choose to change the investment choice within your investment without changing your Secure Income Base or guarantee terms.

You can transfer out of the MetLife Retirement Portfolio at any time. The amount transferred will be the value of your investment, which can go down as well as up, and you may not get back what you have paid in.

What happens if I die when I have the Secure Income Option?

There is a Guaranteed Death Benefit included with this option. The value used to provide the death benefit is the higher of:

• initial Secure Income Base less guaranteed income taken (reduced by any Payments Out); and

• the value of your investment.

Where the Secure Income Option is taken on a joint life basis the guaranteed death benefit is available after the death of both lives. Until then guaranteed income is payable.

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What happens if my fund runs out when I am invested in the Secure Income Option?

If the value of your investment runs out, MetLife will continue to pay your guaranteed income for life.

How will Payments Out affect my guaranteed benefits under the Secure Income Option?

If you decide to take Payments Out from your investments in the Secure Income Option, the value of your investment and your guaranteed benefits will be proportionately reduced.

What happens if I stop taking an income?

If you stop taking an income your Income Deferral Increases will start to apply from the next guaranteed income due date.

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You can have greater certainty of the value of your pension fund with our capital guarantee, which gives you a guaranteed amount at the end of the selected term. We call this guarantee the Secure Capital Option.

Aims

The Secure Capital Option aims to provide you with:

• a guaranteed amount at the end of the term of no less than your Secure Capital Value

• the opportunity to increase your Secure Capital Value by locking in investment gains above the current Secure Capital Value on a daily basis

• the ability to provide for your beneficiaries upon your death.

You may want to choose this option if you:

• want your investment to have the potential to grow through investment in the stock market, but are concerned about the potential losses you could incur through market falls

• are willing to invest for the medium to long term

• want the certainty of a guaranteed amount being available in the future, maybe to coincide with the start of your retirement or another date of importance to you

• do not need or intend to take an immediate income from this investment

• want to be able to pass on a guaranteed amount of benefits in the event of your death.

You may not want to choose this option if you:

• want to invest in the stock market and are unconcerned about the potential losses you could incur through market falls

• want to invest for a term shorter than the minimum guarantee term available

• intend to take an immediate income or want a guaranteed level of income for life from your investment

• are not concerned about passing on a guaranteed amount in the event of your death

• do not want the additional charges associated with a guarantee to impact the performance of your investment

• are willing to take on higher levels of investment risk which are unavailable with this option in order to seek higher returns on your investments.

Risks

• If you choose to make any Payments Out from your Secure Capital investments, this will proportionately reduce your guaranteed benefits.

• Although you can transfer or withdraw your pension fund at any time, the amount paid will be the value of your investment, which can go down as well as up. You may not get back what you have paid in and this may be lower than your Secure Capital Value.

The Secure Capital Option - securing your capital with the potential for growth

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Questions and answers

What is the Secure Capital Option?

The Secure Capital Option is an option under the MetLife Retirement Portfolio which guarantees the capital value of your investment at the end of the selected term. In addition, the guaranteed amount has the potential to increase through lock-ins of positive investment performance.

You can have the Secure Capital Option on all or part of your fund. The maximum age for selecting the Secure Capital Option is 75 years.

Can I choose the Secure Capital Option?

To select the Secure Capital Option you have to invest at least £5,000. The minimum additional investment amount is £5,000. You cannot pay regular contributions into the Secure Capital Option.

How does the Secure Capital Option work?

When you invest in the Secure Capital Option you can currently choose from different levels of maximum Growth Asset exposure and capital guarantee terms.

In general terms, if you choose a higher maximum exposure to the Growth Asset, your investment has more potential exposure to equity. However, it also means that the value of your underlying investment will be less stable and more variable than if you choose a lower maximum Growth Asset exposure.

Your investment in the Secure Capital Option, less any initial Adviser Charges, forms your guaranteed amount; we call this your Secure Capital Value. This is the minimum amount that you will have at the end of the term (less any Payments Out you request us to make).

Your Secure Capital Value can increase through lock- ins at Secure Capital Reviews. Secure Capital Reviews occur daily.

At the review we compare the value of your investment and your Secure Capital Value. Where the value of your investment is higher, we will increase your Secure Capital Value to this higher amount.

Where the value of your investment is lower than your Secure Capital Value, then your Secure Capital Value remains the same.

At the end of the term, the greater of the value of your investment in your Secure Capital Option and the Secure Capital Value is placed in a cash fund. You can then discuss what to do next with your Financial Adviser.

Can I take any money out of the Secure Capital Option?

Yes, you can choose to take a lump sum and/or income. These are Payments Out and will proportionately reduce your Secure Capital Value.

How flexible is the Secure Capital Option?

You can switch the value of your investment out of the Secure Capital Option at any time, however you will lose any guaranteed benefits associated with that Guaranteed Investment. You can switch back into the currently available Secure Capital Option at any time which means you start a new term.

You can transfer the value of your investment out of the MetLife Retirement Portfolio at any time.

If you switch out of the option or transfer from MetLife before the end of the term you will receive the value of your investment.

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What happens if I die when I have the Secure Capital Option?

There is a Guaranteed Death Benefit included with this option. The value used to provide the death benefit is the higher of:

• the Secure Capital Value; and

• the value of your investment.

How will Payments Out affect my guaranteed benefits under the Secure Capital Option?

If you decided to take Payments Out from your investments in the Secure Capital Option, your fund value will reduce and your guaranteed benefits will be reduced proportionately.

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Investment Options3

How will my money in the guarantee options be invested?

To access the Secure Income Option and Secure Capital Option you invest through MetLife’s Active Asset Allocation.

Active Asset Allocation invests in a blend of a Growth Asset and a Secure Asset personalised to you.

You will select the maximum exposure to the Growth Asset when you select the Secure Income Option or Secure Capital Option.

Typically when you first invest, your Growth Asset exposure will be the maximum level you have chosen and the balance of your money will be invested in the Secure Asset.

About the Growth Asset

Your investment in the Growth Asset will be in the MetLife BlackRock Global Growth Fund which aims to:

• provide an exposure to global equity markets

• manage the effect of market fluctuations

• provide the potential for growth which can lead to an increase in your guaranteed benefits.

For more information on the Growth Asset please speak to your Financial Adviser.

About the Secure Asset

Your investment in the Secure Asset will be in a range of MetLife Fidelity Corporate Bond Funds which aim to:

• provide access to a portfolio of corporate bonds which benefit from active management

• provide more security that your underlying investments are less likely to fall but less potential to grow than the Growth Asset.

For more information on the Growth Asset please speak to your Financial Adviser.

About Active Asset Allocation

Active Asset Allocation helps MetLife to provide your guaranteed benefits by controlling the risk that your underlying investment may reduce in value whilst providing the opportunity for your investment to grow.

Active Asset Allocation moves your investment between the Growth Asset and Secure Asset broadly based on:

• the value of your fund

• the value of your future guaranteed benefits.

As the value of your fund and the value of your future guaranteed benefits are unique to your investment, you will have a personalised asset allocation over time.

It is possible that your exposure to the Growth Asset could be maintained as a result of strong market conditions (when equities and/or corporate bonds are performing well, or when long-term interest rates are maintained or rise) during the lifetime of your investment. However, in order to control the risk of your underlying investment falling in value, Active Asset Allocation will tend to switch your investment into the Secure Asset over time.

It is possible for your exposure to the Growth Asset to reduce more quickly as a result of poor market conditions (when equities and/or corporate bonds are performing poorly, or when long-term interest rates fall).

Once your investment is significantly invested in the Secure Asset, it is unlikely that Active Asset Allocation will switch your investment back to the Growth Asset. This is to be expected and is in line with how Active Asset Allocation works. We will let you know when this happens to give you the opportunity to consider whether your investment choice continues to be right for you.

It will always be possible for you to switch the value of your investment into a currently available investment choice if you feel that better meets your needs at the time. Your Financial Adviser will be able to provide you with help and information on this.

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In addition to the guarantee options detailed in section 2, you can choose from a range of available investments to hold within your MetLife Retirement Portfolio, enabling you to build a tailored pension plan, structured around your personal circumstances and your future financial needs.

Broadly you can choose from the following investment options:

• MetLife Protected Growth Funds, offering a level of investment protection, for investments without the Secure Income Option or Secure Capital Option

• a range of Non-Guaranteed Investments including index and managed portfolios, managed wealth portfolios and a cash fund, for investments without the Secure Income Option or Secure Capital Option.

You can find out more about the investment options in the 'MetLife Fund List' available from your Financial Adviser.

What are the aims of the Protected Growth Funds?

MetLife Protected Growth Funds are a range of portfolios that allow you to benefit from investing in equities whilst also providing you with a level of protection against market falls. Depending upon the level of protection selected, the Protected Growth Funds guarantee that your unit price will not fall below that percentage of the fund’s highest ever unit price.

Can I choose the Protected Growth Funds?

You can invest in the Protected Growth Funds if you are a UK resident aged 23 or over. Maximum age is 90 years at the time the investment is made. Whilst maximum age restrictions apply under the MetLife Retirement Portfolio, MetLife can review this on an individual case basis.

How flexible is my investment in the Protected Growth Funds?

• You can take a lump sum and/or income from your investment at any time.

• You can make additional payments into your investment, subject to a minimum payment of £1,000. Additional payments can be made at any time but are subject to the charges, investment choices and conditions applicable at that time.

• You may switch between different investments at any time.

What happens if I die when invested in the Protected Growth Funds?

The death benefit payable will be the fund value.

For more information on the Protected Growth Funds please see the 'MetLife Fund List' available from your Financial Adviser.

Protected Growth Funds

Other Investment Options

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What are Non-Guaranteed Investments?

Non-Guaranteed Investments are investments made without the Secure Income Option or Secure Capital Option. These investments include the MetLife Managed Wealth Portfolios, index portfolios, managed portfolios and a cash fund.

How flexible is my investment in Non-Guaranteed Investments?

• You can take a lump sum and/or income from your investment at any time.

• You can make additional payments into your investment, subject to a minimum payment of £1,000.

• Additional payments can be made at any time but are subject to the charges, investment choices and conditions applicable at that time. We reserve the right not to accept top-ups in the future.

• You may switch between different investments at any time. We normally do not charge for switches, but reserve the right to make a charge if more than 12 are made during a calendar year.

What happens if I die when invested in Non-Guaranteed Investments?

The death benefit payable will be the fund value.

For more information on Non-Guaranteed Investments please see the 'MetLife Fund List' available from your Financial Adviser.

Protected Growth Funds

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What are the product charges?

These are charges for the administration and management of your investment, as well as specific charges if you choose to invest in MetLife’s Guaranteed Investments or Protected Growth Funds.

Annual management charge - This is applied by us for managing your plan and a percentage is deducted monthly by cancelling units in your policy. The level of charge will depend upon the value of your investment at the time the charge is taken.

Fund charges - Each fund in which you invest carries a fund manager’s charge. This charge is in respect of buying, selling, owning and ongoing maintenance of the investment assets and will be applied by reducing the price of each unit in the investment fund.

Guarantee charge (Secure Income Option and Secure Capital Option) - This is similar to an insurance premium and covers the cost of MetLife providing you with the Secure Income or Capital Option. This charge is taken monthly by cancelling units in your policy. If you have the Secure Capital Option, the guarantee charge is based on the Secure Capital Value. If you have the Secure Income Option the guarantee charge is based on the Secure Income Base.

Protection charge (Protected Growth Funds) - This is similar to an insurance premium and covers the cost of MetLife providing your chosen level of investment protection. This charge is included in the unit price and only applies to the Protected Growth Funds.

Where can I find details of my product charges?

Your illustration shows you the product charges that apply to your policy, as well as an indication of the impact that these charges may have. You can also find further information on product charges in the 'Charges Booklet', available from your Financial Adviser.

Product Charges4

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What are Adviser Charges?

These are payments that you agree to make to your Financial Adviser for advice or services provided to you.

How can I pay Adviser Charges?

You can choose to pay your Financial Adviser directly or you can ask MetLife to make these payments on your behalf.

If you ask us to make these payments, we will do so by cancelling units from your policy.

What Adviser Charges can be paid from my policy?

Here are some examples of charging methods you could choose. The decision will be reached between you and your Financial Adviser. MetLife can facilitate the charges if you want us to.

a. Initial Adviser Charge - This is a payment made to your Financial Adviser at the start of the policy and will be deducted proportionately from all your funds.

b. Ad hoc Adviser Charge - This is a one-off payment that can be made to your Financial Adviser at any time during the lifetime of your policy and will be deducted proportionately from all your funds.

c. Ongoing Adviser Charge - This is a regular payment to your Financial Adviser on a monthly, quarterly, termly (every four months), half-yearly or yearly basis. You can choose how you want us to pay Ongoing Adviser Charges, as shown below.

You may cancel or vary the level of these payments at any time in the future. We will not reclaim any payments you have asked us to pay to your Financial Adviser on your behalf.

What payment options are available if I choose to pay Ongoing Adviser Charges from my policy?

There are two options for providing the Ongoing Adviser Charge:

Adviser Charges

a. across all your investments (including Guaranteed Investments); or

b. across all your investments (excluding Guaranteed Investments).

If you select option (a), and you only have Guaranteed Investments, the payment of the ongoing charge from the policy will reduce the guaranteed benefits.

If you select option (b), payments to your Financial Adviser will not reduce your guaranteed benefits, provided you have enough money in your Protected Growth Funds and Non-Guaranteed Investments.

Where there are insufficient units, and in the absence of any other instructions, we will make up any shortfall from your Guaranteed Investments. This will mean your guaranteed benefits will be proportionately reduced.

If you would like us to continue paying Ongoing Adviser Charges from your Protected Growth Funds and Non-Guaranteed Investments, you can make additional contributions or switch funds from your Guaranteed Investments.

How will the payment of Adviser Charges affect my policy?

As payments to your Financial Adviser (Payments Out) are funded through cancelling units from your policy, this will reduce the value of your investment.

Where these payments are taken from Guaranteed Investments they will reduce your guaranteed benefits in proportion to each amount paid.

MetLife reserves the right not to pay an Adviser Charge if it considers that the payment requested would cause the product that you are invested in to no longer perform in accordance with its design.

Where can I find details of my Adviser Charges?

Please see your illustration for more details on Adviser Charges and an indication of the possible impact these payments could have on your investment return.

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Terms and Conditions

This Key Features Document aims to give you a summary of important information you should know about the MetLife Retirement Portfolio. For further information you should also read the MetLife Retirement Portfolio Terms and Conditions. If you do not have a copy, you can obtain one from your Financial Adviser or by contacting us directly.

Complaints

If you have a complaint about your MetLife Retirement Portfolio or wish to receive a copy of our complaints procedure, please contact:

MetLife Europe d.a.c.. Beacon House, 27 Clarendon Road, Belfast BT1 3BG

Tel: 0800 022 4443

If you are not satisfied with the response to your complaint in respect of your MetLife Retirement Portfolio, you can contact the:

Financial Ombudsman Service (FOS) Exchange Tower, London E14 9SR

Freephone numbers are 0800 0234 567 if calling from a fixed line, or 0300 1239 123 from a mobile phone if you pay a monthly charge for calls to numbers starting with 01 or 02.

The switchboard number is 020 7964 1000.

www.fos.org.uk

Making a complaint will not affect your legal rights.

Further Information

Taxation

Information contained in this document is based on MetLife’s understanding of taxation, legislation and HM Revenue & Customs practice, as at September 2016, all of which may change in the future with or without notice.

Governing Law

The MetLife Retirement Portfolio Terms and Conditions are governed by the Law of England & Wales. We will communicate in English throughout the course of this contract.

Compensation

Your MetLife Retirement Portfolio is covered by the Financial Services Compensation Scheme (FSCS). As such, if we cannot meet our obligations, you may be entitled to compensation from the Scheme. This will depend upon your eligibility, the type of business and the circumstances of the claim.

The maximum level of compensation for claims against firms declared in default is 100% of the claim with no upper limit. You can obtain further information on this matter from the FSCS.

Financial Services Compensation Scheme 7th Floor, Lloyd Chambers 1 Portsoken Street, London E1 8BN

Tel: 020 7741 4100

www.fscs.org.uk

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About MetLife Europe d.a.c..

MetLife Europe d.a.c. is an Irish incorporated Company authorised and regulated by the Central Bank of Ireland. MetLife Europe d.a.c. UK is a Branch of MetLife Europe d.a.c. and is regulated in the UK by the Financial Conduct Authority for conduct of business requirements.

Services are delivered from MetLife Europe d.a.c.’s head office in Ireland, and from our offices in the UK.

MetLife Europe d.a.c. and MetLife Europe d.a.c. UK Branch, trading as “MetLife”, is an affiliate of MetLife Inc. and has been operating under the “MetLife” brand in the UK since 2007.

For more information about MetLife Europe d.a.c., please visit our website at: www.metlife.co.uk. To view our latest financial strength ratings, please visit the `About MetLife’ section at: www.metlife.co.uk.

The MetLife Retirement Portfolio is provided by the UK Branch of MetLife Europe d.a.c.. The guarantees referred to in this document are provided by MetLife Europe d.a.c..

How to contact us

Your Financial Adviser will normally be your first point of contact for any questions you have.

If you would like to make any changes to your Retirement Portfolio, you can:

Call us on 0800 002 4443 between the hours of 9am and 5pm Monday to Friday. Please note that calls may be recorded or monitored for training and security purposes.

Email us at customerservice@metlife.co.uk

Write to us at:

MetLife Customer Service Centre Beacon House, 27 Clarendon Road Belfast BT1 3BG

Whenever you contact us, you will need to quote your policy details.

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This is a glossary of key terms included in your personalised illustration and Key Features Document; for a full list of defined terms please refer to the General Terms and Conditions.

Active Asset Allocation

is the process that MetLife uses to allocate each individual customer’s investment between the Growth Asset and Secure Asset within the upper limit that the customer has chosen.

Adviser Charges

means the money that you ask us to pay from your policy to your Financial Adviser for their advice and services provided to you. More information can be found in the 'Adviser Charges’ section.

Growth Asset

is a fund that provides stock market exposure through equity investments, only available through MetLife’s Active Asset Allocation.

Guaranteed Death Benefit

provides your beneficiaries with a monetary benefit upon your death.

Guaranteed Income Percentage

the rate that is applied to your Secure Income Base to calculate the guaranteed income payable.

Guaranteed Investments

are investments included with the Secure Income and Secure Capital Options.

Glossary

Guaranteed Immediate Income

the guaranteed income payable if you choose to start taking an income straightaway.

Guaranteed Future Income

the guaranteed income available to you in the future at the date you choose to take your benefits.

Income Deferral Increases

are guaranteed increases to the Secure Income Base when you choose to delay taking all or part of your income.

Income Drawdown

is a flexible way to take income as withdrawals from your pension which offers the potential for future growth. However as your money is invested in the stock market there is a risk that your fund value could run out before the end of your lifetime.

Inflation

represents the rate at which the cost of living changes over time.

Lifetime Annuity

is an insurance product which is a one-off binding agreement where you exchange your pension fund for a fixed income for the rest of your life. You may not be able to change your mind once you have bought it.

Non-Guaranteed Investments

are funds which cannot be used to access the Secure Income and Secure Capital Options.

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Payments Out

are any payments made from your Guaranteed Investments including: income withdrawals that exceed your annual guaranteed income; income withdrawals from your Secure Capital Investments; switches out; transfers out or purchase of a Lifetime Annuity; Tax-Free Lump Sums; Uncrystallised Funds Pension Lump Sums; Ad hoc Adviser Charges and/or Ongoing Adviser Charges. All Payments Out will proportionately reduce your guaranteed benefits.

Protected Growth Funds

provide the option of protecting a percentage of your fund’s highest ever unit price. More information can be found in the Protected Growth Funds section.

Secure Asset

provides access to a portfolio of corporate bonds which benefit from active management.

Secure Capital Option

provides a guaranteed amount at the end of the term, of no less than your Secure Capital Value.

Secure Capital Review

is where we review the performance of your fund on a daily basis. Where the value of your investment is higher than your Secure Capital Value, we will lock it in and increase your Secure Capital Value to this amount.

Secure Capital Value

means the amount that we guarantee your Secure Capital investment will be worth at the end of the term that you have specified.

Secure Income Base

the amount used to calculate your guaranteed income.

Secure Income Investments

is the part of your Policy that your Secure Income Option applies to.

Secure Income Option

provides a guaranteed income for life from age 55 or later.

Secure Income Review

is where we review the performance of your fund on a daily basis. Where the value of your investment is higher than your Secure Income Base, we will lock it in and increase your Secure Income Base to this amount.

Tax-Free Lump Sum

is technically referred to as Pension Commencement Lump Sum (PCLS). You can normally take up to 25% of your fund as a Tax-Free Lump Sum.

Uncrystallised Funds Pension Lump Sum (UFPLS)

is made up of 25% tax-free cash and 75% taxable income. You can take a UFPLS if you have not taken anything from your pension. There is no limit (apart from your pension fund value) on the amount you can take.

Products and services are offered by MetLife Europe d.a.c. which is an affiliate of MetLife, Inc. and operates under the “MetLife” brand.

MetLife Europe d.a.c. is a private company limited by shares and is registered in Ireland under company number 415123. Registered office at 20 on Hatch, Lower Hatch Street, Dublin 2, Ireland. UK branch office at One Canada Square, Canary Wharf, London E14 5AA. Branch registration number: BR008866.MetLife Europe d.a.c. (trading as MetLife) is authorised by the Central Bank of Ireland and subject to limited regulation by the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA). Details about the extent of our regulation by the FCA and PRA are available from us on request. www.metlife.co.uk

WM16 00 397 l 0217.21 SEP 2016

Want to know more?

To learn how our Retirement Portfolio could benefit you, please speak to your Financial Adviser.

If you are looking for a Financial Adviser, you can find one in your local area at www.metlife.co.uk/findanadviser. Visit www.metlife.co.uk for more information.