New with-利益（をあげる）s 削減（する）s 攻撃する，衝突する millions

By TOBY WALNE FOR THE MAIL ON SUNDAY
Updated: 00:00 BST, 21 January 2003

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THE anguish for with-利益（をあげる）s savers 強めるd last week as Scottish 未亡人s and Norwich Union 削除するd the value of millions of 政策s by up to 20% - and more for 確かな groups.

These two 保険会社s, with 4.3 million policyholders between them, are the l atest to 明かす savage 特別手当 削減s for 2003.

Both took an axe to 年次の 特別手当s - 保証（人）d 年一回の 支払い（額）s that cannot be taken

away from 政策s once they are 宣言するd - but the greatest 損失 was （打撃，刑罰などを）与えるd on 終点 特別手当s. In some 事例／患者s these 消えるd altogether.

削減s in 終点 特別手当s will have 削減（する） the value of an 普通の／平均（する） Norwich 計画（する）, which 含むs 商業の Union and General 事故 政策s, by 12%.

の中で the worst 影響する／感情d are 年金s and endowment savers with 伝統的な with-利益（をあげる）s 政策s that have been running for more than 20 years. Their 政策 payouts would now be as much as 20% 負かす／撃墜する in value.

With-利益（をあげる）s 社債s have fared little better. The cash-in value of an 投資 made ten years ago will have dropped by between 15 and 20% after Tuesday's 削減（する）s.

The most draconian 削減（する）s to 終点 特別手当s were made on 政策s in 軍隊 for shorter periods. Final 特別手当s on a tenyear General 事故 endowment, for example, have been wiped out. In other words, the 計画（する）s have 達成するd no growth beyond the 年次の 特別手当s they have built up over the years.

The 削減（する）s will mean even more of Norwich's mortgage endowment policyholders now 直面する 不足（高）s when their 政策s 円熟した and they have to 支払う／賃金 off the 貸付金s on their homes.

Richard and Heather Sharman of Beverley, East Yorkshire, are の中で 600,000 Norwich endowment mortgage policyholders who can no longer rely on their 政策s to （疑いを）晴らす their mortgages.

Richard, 58, a part-time market 研究員, and Heather, also 58, had hoped to retire 早期に, but they now 恐れる that they will both have to keep working.

The couple have two Norwich Union with-利益（をあげる）s endowments that were meant to 支払う／賃金 off a £32,000 mortgage on their home. Taken out in the 早期に Eighties the 政策s are now likely to be 価値（がある） about a fifth いっそう少なく than they were a year ago.

Richard says: 'I feel I am throwing good money after bad. They have got me over a バーレル／樽 and I will have to find the cash to 支払う／賃金 off the mortgage 不足（高）.

'The with-利益（をあげる）s 政策s were sold to me on the understanding that they smoothed out the ups and 負かす／撃墜するs of the 株式市場. If I had known there would be a 危険 of 基金 values going 負かす／撃墜する to this extent, I would never have taken them out.'

政策s with Scottish 未亡人s, which 発表するd 特別手当 削減（する）s last Thursday, 苦しむd 類似の 普通の／平均（する） 落ちるs in value of between ten and 20%. The 保険会社, part of the Lloyds TSB group, also halved the 年次の 特別手当s payable on some endowments and 年金s.

Scottish 未亡人s sought to 軽視する the significance of the 削減（する）s and 焦点（を合わせる）d instead on how much worse off 顧客s would have been if they had 投資するd 直接／まっすぐに in the 株式市場. However, Norwich Union gave stark 警告s of possible その上の 削減（する）s next year.

David Riddington, Norwich's 上級の actuary, said many 円熟したing 政策s were still 利益ing from the smoothing 過程. 'This 状況／情勢 cannot continue,' he said. 'Unless the market 行う／開催する／段階s a 回復 その上の 削減（する）s cannot be 支配するd out.'

Patrick Connolly, with-利益（をあげる）s 専門家 at Chartwell 投資 管理／経営 in Bath, Somerset, was not surprised by the 削減（する）s.

'In a way, such 重要な 特別手当 削減s are 安心させるing,' he says. 'It means these companies are 存在 現実主義の and are 決定するd to 保護（する）／緊急輸入制限 their strength so that hopefully, at some point in the 未来, they will be in a position to 配達する reasonable growth again.'