Both Standard Life and Clerical Medical have this morning announced further cuts to bonus rates on their with profits policies, and SL warns members should expect rate cuts to continue.
Details of the latest bonus rates update by Standard Life reveals most rates on unitised life and pensions and conventional with-profits policies have been cut again, as the life insurer argues policies have to continue to be smoothed to bring policies payouts in line with their true value along with the removal of mutuality benefits. “The new bonus rates announced today are consistent with this progression towards aligning payouts to the value of underlying assets. They also take account of the gradual removal of the benefits of mutuality from maturity and retirement payouts, as announc...
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