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AMP Pearl slashes payouts

AMP Pearl is slashing payouts on Pearl with-profits policies by 12.5 per cent on life policies to 15 per cent for pensions.

It has defended the cut by saying that a twenty-year endowment would still show a return of 9.4 per cent.

The company has signalled its intention to transfer all its with-profits business over to ringfenced Sandler-friendly funds.

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