Standard Life is cutting bonuses on its long-term savings policies for the third time in just over a year.
Europe's biggest mutual life assurer blames "extremely difficult investment conditions" for the move, which will see an average of 15 per cent taken off the maturity value of with-profits policies.
The society also warned there could be further pain to come, claiming long-term investment returns are unlikely to match those seen in the past, so it is likely to continue reducing the level of payments to savings and pensions customers.
Standard Life has been operating in Ireland since 1834 and employs 240 staff in Ireland