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Scottish Mutual cuts terminal bonuses

Scottish Mutual has cut terminal bonuses, but reversionary are remaining at the same levels.

Terminal bonuses on with profits products are down to 6 per cent from 6.75 last year and 5.25 per cent, down from 6 per cent on unitised life and pension business.

Reversionary bonuses on life products stay at 2 per cent on the basic benefit and 4 per cent on accumulated bonuses, and 1 per cent and 2 per cent for pensions . A 25 year with-profits endowment payout will be £94,323, down 8.9 per cent from £103,515 last year.

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