Endowment payouts plunge below £23k

The figures were in data given to the FSA by Phoenix Group, which runs down old with-profits funds at minimum cost, the Daily Mail reports. At their height, endowments paid out over £100,000 on a similar level of savings. But this year National Provident Life, owned by Phoenix, will pay £22,918 - an annual return of just 3.2 %. The average savings account would have given 3.4 % over the same period. Other results from Phoenix Group include £23,195 from a similar policy with Crusader and £24,451 from Life Association of Scotland. Savers who originally took out a policy with Scott...