GE Life has charged a market value adjustment penalty to reflect the downturn in investment performance on two pensions where people decided not to take their pension benefits at maturity.
In simple terms, most 'with profits' policies, when you reach maturity normally have a guarantee that no penalties will be applied at the maturity date. In the small print however, if you elect not to receive the benefits and leave it invested then adjustments may be made.
Guarantees only apply at maturity - take advice if you plan to take benefits earlier or, indeed, later than the contractual date.
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