Scottish Mutual burns WP bonuses to zero - papers 11th August

Those who are lucky enough to have pensions for more than 30 years will at least get terminal bonuses of 5%, compared with previous payments of 28%, prompting further speculation Abbey will sell its Scottish Mutual and Scottish Provident subsidiaries to get rid of with-profits liabilities. OLD MUTUAL is still looking to buy a UK life insurer and is prepared to pay up to £1bn, says the Guardian. Reporting the company’s financial figures yesterday, Old Mutual finance director Julian Roberts said it was "not giving up on looking for something appropriate in the UK". THE TIMES suggest...