Lower returns for policies

The Actuarial Profession has warned endowment policyholders to expect lower bonuses for several year...

The Actuarial Profession has warned endowment policyholders to expect lower bonuses for several years to come. This dire prediction has been cited as a reason for Sandy Crombie, Standard Life group chief executive, turning down more than £0.5m in performance bonuses. Crombie, who received bonuses totalling £275,000 in 2004, cited the company's remuneration policy not reflecting profitability as the reason for a decision that has been widely welcomed. Standard Life is to demutualise later this year. "I hope that members will accept my decision relating to reward as principled in relation ...