Equitable Life has again been forced to slash maturity and surrender values to maintain solvency after recent market falls.
The maturity value will now be reduced by 10 per cent from 4 per cent before. Early surrenders will incur a penalty of 20 per cent up from 14 per cent.
The society describes the move as "most regrettable". Equitable has reduced its equity holding to 15 per cent but says it is still solvent.