MVR placed on with-profits regular withdrawals

Updated Wed 26th Oct, 9:12am Until now, MVRs have in the main been imposed on occasional encashments or the complete surrender of a product. But letters sent by SMI to advisers and clients last month reveal the firm is now applying MVRs on income from the clients funds of: The international with-profits bond, which is invested through Scottish Mutual Assurance under OLAB rules and allows withdrawals to be made up to the ‘charge free withdrawal allowance’ (albeit this level currently stands at nil); The guaranteed with-profits bond which invests in the SMI Dublin with-profits fund and...