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Endowment bonus plunge

Endowment policyholders are bracing themselves for a plunge in bonus rates.


Experts predict over the next few weeks cuts will be made as actuaries revise downwards their equity market return forecasts.


Both Royal & SunAlliance and Norwich Union are expected to report 0.5 per cent cuts on their with-profits bonds, leaving headline rates at 5 per cent.


KPMG actuary and principal consultant John Jenkins says: “Rates are coming down because the outlook for long-term interest rates is lower.”


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