Friends Provident has removed all market value reductions (MVRs) from its with-profits policies.
The firm says continuing improvement in investment conditions have allowed it to make the adjustment.
Many MVRs had already been removed when Friends made its bonus declaration in January.
However, some pension polices sold before July 2001 were still facing a reduction in policy value. These MVRs have now been removed.
MVRs are often implemented on with-profits policies in tough market conditions to prevent investors exiting with an unfair share of the fund's actual market value.
Friends introduced MVRs in October 2008 when world stock markets crashed following the collapse of Lehman Brothers and the effects of the financial crisis.
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