Friends Provident re-introduce some MVRs
With effect from midnight on 20 October 2008, Friends Provident re-introduced a Market Value Reduction (MVR) on some withdrawals from their With profits policy.
The MVR will apply to withdrawals for early retirements, late retirements and transfers out of the IBM plans. No MVR is applied at normal retirement date or on death.
The amount of MVR will currently vary from 0% up to a maximum of 14%.
Friends Provident are unable to supply precise details of the amount of the MVR for members in their announcement as it depends on the individual dates of investment and whether it was a single investment (transfer-in) or regular contributions.
If details of the MVR required for any estimates for early or late retirements or transfers, Pension Services will contact Friends Provident direct for a valuation and details of the MVR that will be applied.
Archived 12/12/08
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Last Updated: 15/06/2009
