Friends Prov removes MVRs as markets recover

MVRs, which impose a financial penalty on investors who withdraw before their policy matures, are often seen as a sign of difficult investment markets. All Friends Provident pension contracts taken out after 2001 will have MVRs removed, as will all life contracts. Furthermore, rates on all other contracts have been reduced to an average of 2%. Friends Provident last reviewed its MVR rates on 6 August, and says it has made further reductions due to continued improvements in investment markets. This week, the FTSE 100 climbed above 5,000 points for the first time since October 2008....