Legal & General has cut final bonus payments on its with-profits policies as a result of market turb...
Legal & General has cut final bonus payments on its with-profits policies as a result of market turbulence and poor investment conditions. The overall investment return after tax was around -14% from 1 January to 13 October, resulting in a final bonus rate cuts of between 5% and 9%. For example, a 25-year £50 a month mortgage endowment maturing after this change will pay £38,565 compared to £41,293 as previous. A 20-year £200 a month pension maturing after this change will pay £90,999 compared to £98,511. Regular bonus payments will be unaffected. With-profits managing director Mark...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
