MetLife has appointed Simon Massey to the newly created role of Wealth Management Director to help deliver ambitious growth plans for the guaranteed drawdown market as pensions flexibility is launched from April 2015.
He will be responsible for developing new strategic partners and driving sales across the adviser market and through MetLife’s sales desks. Previously he was Intermediaries Director at Scottish Widows and brings deep expertise and experience from a range of senior roles across a 28-year career in financial services.
Adviser research* shows that the guaranteed drawdown sector is set to be the major product success from the launch of pensions flexibility in April 2015 – around 69% of intermediaries believe it will see significant sales growth ahead of conventional drawdown.
Dominic Grinstead, Managing Director, MetLife UK, said: “The appointment of a Wealth Management Director is a major development for our business and I am confident Simon will bring a strong focus and drive to ensuring we deliver our long-term growth strategy.”
Simon Massey, Wealth Management Director, MetLife UK added: “I’m thrilled to be joining MetLife, a business driven by ambitious plans, centred on the new pensions freedoms, to deliver some very exciting products to advisers. Guaranteed drawdown is ideally suited to the new pensions regime and MetLife’s commitment to providing solutions with real customer value is a compelling proposition to help deliver.”
At Scottish Widows he was responsible for leading the creation of a single Intermediary business and developed strategy across the business. Previously he held senior roles at Aviva across its different brands focused on the intermediary market including Director of Business Development and Director of IFA Development. He will work closely with marketing, product, business development and operations teams to develop strategy and efficiently deliver MetLife’s overarching Wealth Management goals.
MetLife has supported the Budget pension overhaul by lowering its minimum initial investment to £30,000* to enable more customers to benefit from flexibility and certainty ahead of the new rules due in April 2015. From April 2015 customers will be able to take income when they want in line with planned legislation.
In addition to the cut in minimum initial contributions MetLife has cut regular contributions to £1,200 a year from £3,600, enabling savers to contribute just £100 per month into their pension. Contribution levels will be regularly reviewed.
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