In case you missed it, IBM quietly put a notice on the UK Pension Intranet site that effective 3rd Oct, Friend Provident increased their MVR's for AVC's yet again for withdrawals before normal retirement age.
The usual reason - continued decline in stock markets.
The biggest hit is to to IBMers who started contributing very early between 6 July and 30th Nov 2000 when IBM "promoted" this plan as a switch-over alternative to Equitable when their problems came to light.
The MVR for this highest hit group was originally 0%, then 10%, then rose to 15%, now 18%.
Place your bets now for 20% !
NB This MVR also applies to EARLY RETIREMENT.
Check out the IBM UK Intranet Pension site for details.