Norwich cuts bonuses

Norwich cuts bonuses

Norwich Union has reduced its annual bonus by up to 0.75 percentage points, saying it expects investments to grow by less when the UK joins a single currency. With-profits endowment savers will get an annual bonus of 6 per cent, compared with 6.5 per cent last year, while pension savers will see their bonus cut to 6.75 per cent from 7.5 per cent. However, policies maturing this year will pay out record amounts, up to 13 per cent higher than in1997. Friends Provident has also cut bonuses while Scottish Provident has reduced bonuses on pensions.