Following the stock market turmoil, Scottish Equitable have taken the decision to close their doors to traditional with profits business.
Two new with profits funds will replace the withdrawn products so that clients are still able to invest in a similar way. The new with profits funds will be available for Scottish Equitable's range of pensions and investment bonds.
One of the funds, called the With Profits Growth Fund will invest mainly in equities. The other, the With Profits Cautious Fund has a higher content of fixed interest investments.
Both funds work by smoothing the ups and downs of the returns received but 100% of profits made go to policyholders.
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