Clerical lowers MVRs but cuts WP bonus rates

Clerical Medical has cut its bonus rate payouts again - in line with most other with-profits providers which have struggled to find gains over the last few years of a bear market - from 3% to 2.5% on with-profits bonds and 3.5% to 3% on pension policies. However, the with-profits income fund will still receive the full 4.5% that policyholders were offered at the last payout. Terminal bonuses have also been cut, but Clerical has managed to cut the Market Value Reduction (MVR) in most cases, so the highest NVR loss a policyholder now faces would be aimed at a with-profits bond polic...