Abbey cuts with-profits bonus rates

Abbey has reduced its terminal bonus rates for both its unitised and with-profits policies and has i...

Abbey has reduced its terminal bonus rates for both its unitised and with-profits policies and has increased MVRs on its Scottish Mutual, Abbey National Life and Scottish Provident products. It has also announced there will be no annual bonuses on with-profits policies on the three separate funds, all of which have been closed for new business, except where guarantees were offered. The MVR on with-profits policies invested in the Scottish Mutual and Abbey funds has been increased by 5%, and by 10% on average for the Scottish Provident portfolio. Abbey sees the FSA's new realistic report...