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Friends set to make another cut in payouts for with-profits policyholders

Friends Provident has cut pay-outs for with-profits policyholders for the fifth time in two years.

Friends is cutting bonus rates on some unitised with profits policies, which will be reduced by 0.25 per cent. Final bonus rates on some unitised and conventional with profits policies will also be reduced. As a result of the review payouts on maturing with profits policies will reduce by on average 3 per cent compared to those in February 2004.

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