Equitable Life have just announced that they are increasing their market value reduction penalties to 14% - an almost 40% increase from the previous rate of 10%. They are also notifying policyholders that bonus allocations are to be cut.
Maturity values on pension policies are being cut by 4% and the interim bonus has been cut from 6% to 4%.
Equitable Life said that there would be no bonus declarations made until the end of the year, due to disappointing investment returns.
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