Standard Life has all but wiped out bonuses for 600,000 with-profits customers, saying it needs flexibility to invest for the future.
Bonuses on unitised life and pension plans have been halved to 0.25%, having been as high as 1.5% as recently as 2010.
"They are guarantees that have to be reserved for (by buying gilts) while we believe over the long-term equities will give more investment freedom," a spokeswoman said.
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