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Standard Life slashed payouts by 15 per cent

Standard Life has slashed with-profits payouts by up to 15 per cent blaming extremely challenging investment conditions.

It says investment performance of its with-profits fund was down 12.5 per cent for last year, compared with a 20 per cent fall in the FTSE All Share. It claims that returns despite the cuts are better than average returns on equity unit-linked life policies or deposit accounts.

It is warning that payouts will continue to fall over the next years, and will start making bonus declarations every 3 months.

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