Abbey Group with-profits pensions lose terminal bonus

Professional Adviser
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Many with-profits policyholders at Abbey National, Scottish Provident and Scottish Mutual could be w...

Many with-profits policyholders at Abbey National, Scottish Provident and Scottish Mutual could be walking away with annual and terminal bonuses of 0% based on announcements from the Abbey Group for bonus rates. Anyone owning a 10-year unitised personal pension starting in March 2003 could find they receive no bonus at all, thanks to today's announcement, as well as no annual bonus. Abbey National argues that the smoothing of with-profits means they haven't lost any money, however, some people will be disappointed to find the larger payout usually expected the end of a pension pol...

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