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.
Sir Philip Green's restructuring proposals for his retail giant Arcadia will not "adequately protect" its pension schemes' members, The Pensions Regulator (TPR) has said.
The Marks and Spencer Pension Scheme has completed buy-in deals worth £1.4bn with two insurers, mirroring similar transactions last year.
There have now been a total of 47 buy-in and buyout deals of over £500m announced since 2007. The full list, provided courtesy of LCP, is as follows...