group cuts pearl with-profits bond and london life secure pension plus as market slackens
Following a market-led slump in profits AMP is planning cuts to the product offerings from its Pearl and London Life subsidiaries. The Pearl with-profits bond will be closed to new business and AMP will instead offer with-profits products through its NPI with-profits fund. In addition, London Life will stop offering its Secure Pension Plus annuity product bringing the AMP annuity range down to just two products, the conventional London Life annuity and a NPI income drawdown product. The two products combined represent less than 10% of AMP's UK business, the company said. The NPI wit...
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