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Standard Life cuts bonus and imposes MVR

Standard Life is cutting terminal bonus by ten per cent and imposing a market value adjuster of 10 per cent.

Standard says it has been forced to take this action following recent stockmarket falls and some recent increases in withdrawals.

Standard Life group finance director John Hylands says: “We have taken this action to ensure all our policyholders are treated fairly, both those who withdraw their money from the with-profits fund and those who remain fully invested. This decision has been taken in response to recent investment market conditions, not as the result of any deterioration in the company&#39s financial position which remains strong and secure.”

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