K
KMcD
Guest
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's financial position which remains strong and secure."
Source : MoneyMarketing
This is in respect of UK business, so it is only a matter of time before it applies here.
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's financial position which remains strong and secure."
Source : MoneyMarketing
This is in respect of UK business, so it is only a matter of time before it applies here.