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Axa Sun Life cuts bonus rates

Axa Sun Life is cutting bonuses in the Axa Equity & Law With Profits Fund.

Both the low-cost homebuyers endowment bonus rate and the investment bond bonus rate were cut by 0.5 per cent to 5 per cent for 2001 from 5.5 per cent in 2000.

The personal pension bonus rate was cut by 0.75 per cent to 5.5 per cent for 2001 from 6.25 per cent in 2000.

Axa Sun Life actuary Peter Shelley says: “Our bonus rate declaration perfectly illustrates one of the key principles of with profits – namely smoothing of investment returns.”

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