STANDARD LIFE'S long-suffering policyholders were dealt another bitter blow yesterday after the firm cut its pay-outs on with-profits plans for the sixth consecutive year - this time by up to 18%, wrote The Scotsman .
According to the paper, figures produced by the Edinburgh mutual - which is expected to float on the London Stock Exchange this year - showed the return on a 25-year mortgage endowment has been slashed from £101,499 in 2000 to just £40,459 today - a reduction of more than 60%. And it is a similar picture for pension plans, with fund values dropping to £102,365 over a 20- year period from £264,656 in 2000. The bad news does not stop there, either - the company said yesterday that it expected payouts to continue to fall, despite a recovering stock market, and policyholders can expect furt...
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