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Clerical Medical applies MVA

Clerical Medical is applying a market value adjuster of 7.5 per cent to encashments of more than £50,000 from its with-profits fund.

It is blaming continuing stockmarket falls, saying the trigger point for an MVA review was breached some time ago.

The MVA will apply to the excess over £50,000 on its with-profits bonds and some pension products. Clerical has not applied an MVA before and will keep its application under review.

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