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Standard cuts bonus rates

Standard Life has announced it is cutting bonuses on its with-profits policies by up to one per cent, with payouts falling by an average of 7 per cent.
However, the insurer says that following a year of strong investment performance, most policies have seen investment return of more than 10 per cent.
Bonus cuts on life and pension with-profits policies ranged from 0.25 per cent to 1 per cent.
The change means a 25 year savings endowment policy taken out by a male aged 30 next birthday and paying £50 a month will now pay out £62,603, down from £69,386.
A 20-year unitised pension held by a male retiring at age 65 and paying £200 a month will now pay out £143,080 down from £155,536.
Finance managing director John Gill says: “Stock market conditions over the last few years have been difficult but with-profits customers who remained invested are now seeing the benefits of the recent market improvements.”

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