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ScotMut cuts bonuses on unitised WP

Scottish Mutual has reduced the annual bonus rate on unitised with-profits pensions to 6 per cent from 6.75 per cent last year. The unitised with-profits life annual bonus rate is cut to 5.25 per cent from 6 per cent.

Reversionary bonuses on traditional with-profits life policies remain at 2 per cent on the basic benefit and 4 per cent on accumulated bonuses while for pensions the figures are 1 and 2 per cent. Terminal bonuses on single-premium pension contracts are 40 per cent.

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