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Standard Life cuts bonuses.
By James Hopegood, Daily Mail, London Knight Ridder/Tribune Business News
Feb. 2--Beleaguered insurer Standard Life has been forced to slash payouts and bonuses to its 2.6 million with-profits savers following a series of disastrous investment decisions.
Payouts on many endowments and pensions are almost 20pc lower than those of a year ago. Just 7 pc of its 1.3million mortgage endowments are now on target.
The payout on a benchmark [pounds sterling]50-amonth, 25-year mortgage endowment, originally taken by a 29-year-old man, has tumbled from [pounds sterling]60,670 a year ago to [pounds sterling]49,511 -- an 18.4 pc cut.
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