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Pru cuts terminal bonus rates

Prudential has cut terminal bonus rates on its Prudence Bond and personal pensions. Terminal rates for both are down 0.25 per cent to 4.5 per cent and 5 per cent respectively.

A total of £2.8bn will be added to policies in the UK with-profits funds. On a 20 year personal pension policy the payout will be £190,941 down from £203,930 last year based on a male aged 30 paying £200 per month.

Reversionary bonuses on unitised life business are down to 4.5 per cent from 4.75 per cent, and on unitised personal pensions down to 5 per cent from 5.25.

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