Prudential pensions face final bonus rate reduction

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Prudential pensions face final bonus rate reduction

Prudential, the pensions and insurance provider, has announced that it is reducing final bonus rates on its with-profits policies due to the global economic downturn.

The insurance and pensions provider said that the reduction would not affect annual bonus rates and said that the move was necessary to ensure that policyholders continued to benefit in the long run.

David Belsham, chief actuary at Prudential, said the changes were consistent with Prudential's "fair approach" to setting bonus rates and the strong inherited estate of the fund would mean that consumers would continue to benefit from being policyholders.

He said: "In an environment where markets have fallen significantly, our policyholders have benefited from the downside protection provided by our fund."

Prudential's fund, which is supported by an Inherited Estate of £6.2 billion, is "the strongest in the industry" Mr Belsham added.

Founded in 1848, Prudential looks after the financial interests of more than seven million people across the UK.

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