UK - Scottish Widows has cut approximately 40,000 with-profits policyholders' annual bonuses by up to a third.
It said annual bonus rates for its Flexible Investment Bonds, Jersey With-Profits Bonds and the Flexible Options Bond Income Fund made in 2002 had been cut due to falling equity market returns over the past four years.
Actuarial director Adrian Westwood said: “Despite the upturn in 2003 and the relatively flat market levels in the first half of 2004, the value of the FTSE 100 Index declined by 36% between January 2000 and July 2004.
“Since the With-Profits Fund has a significant proportion invested in equities, the total value of its assets also declined,” he said.
Females can expect to live a greater number of years in poor health than males, according to data from the Office for National Statistics (ONS) for 2015 to 2017.
Scottish higher-rate taxpayers will benefit from more pensions tax relief than workers on the same salary anywhere else in the UK as income tax bands continue to diverge.
Schemes risk breaking the law and being forced to wind up as The Pensions Regulator (TPR) warns some may be master trusts but do not know so.
As a hectic 2018 draws to an end, Jonathan Stapleton wishes readers a quieter 2019.