Standard Life extends with-profit penalties

The penalties have been introduced due to significant falls in equity markets since August, along with current volatility in the markets. Standard Life is the latest in a long list of providers including Norwich Union, L&G and Friends Provident to introduce or extend exit penalties on with-profits funds. Margaret Flaherty, with-profits communications manager, Standard Life Assurance Limited, says: “Investment returns have generally been poor over the last year, but particularly so since August, resulting in today’s decision to reduce final bonuses and extend MVRs. “The changes that...