Firms cut with-profits life and pensions bonus rates

Standard Life and Clerical Medical have cut regular bonuses on with-profits life and pensions busine...

Standard Life and Clerical Medical have cut regular bonuses on with-profits life and pensions business from 1 February. On unitised life and pension policies, Standard Life has cut regular bonuses by up to 0.75%, with the largest reductions on the pension side. On the Pension Millennium With-Profits fund for example, the rate has dropped from 3.25% to 2.5%. While the mutual has maintained rates on the mainstream life and pensions with-profits funds, at 3% and 4% respectively, they are down across the rest of the range. As for conventional with-profits policies, regular bonuses have also ...