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MGM leaves bonuses unchanged on unitised WP

MGM Assurance is to leave regular bonus rates on its unitised with-profits policies unchanged.

This move means bonuses on life funds continue at 3 per cent and on pension funds at 3.5 per cent.

The insurer says the move reflects its ongoing commitment as a mutual to with-profits, saying it comes at a time when many other insurers such as Standard Life, Clerical Medical and Norwich Union have cut their rates.

MGM Assurance chief operating officer Neil Walker says: “We believe that as a mutual it is appropriate to share the benefits of a good investment year with our members as quickly as it is prudently possible to do so.”

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