Standard Life cuts terminal bonus rates

Standard Life has cut its terminal bonus rates, resulting in reductions on maturity payouts of around 10%. The mutual blamed a 'sustained period of falling and volatile equity investment markets' for the cuts. Early surrender policies will suffer a further cut of around 10%, the mutual said, as well as a reduction in terminal bonuses. The cuts do not apply to payments on maturity, retirement or in the event of death. Standard Life said the decision is not the result of any deterioration in its financial position. 'For us to have kept pay-outs at the same level we would have to hav...