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Scottish Mutual closes WP door

Scottish Mutual has finally closed the door on all with-profits.

The news follows the company&#39s decision to offer a modern Sandler-style

smooth managed fund, as revealed by Money Marketing in October. Parent

company Abbey National pumped £575m into its life subsidiary last year.

However, ScotMut will still accept increments for existing life and pension

with-profits policyholders and new section 32 contracts will be accepted

until the end of March.

The decision to close the £10.6bn ScotMut with-profits fund comes

after Abbey&#39s distribution deal with Prudential to distribute the Prudence

Bond through its high-street branches. Full details of the smooth managed

fund are not available but ScotMut says it will make it competitive in a

depolarised world.

Marketing director Hugo Thorman says: “Our existing investors are able to

continue to make increments to their policy and the fund will be managed so

that long-term returns remain achievable while for new investors, the

smoothed investment contract will offer the transparency recommended by

Sandler.”

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