With-profits pain: values plunge and penalties bite

Frank Augstein/AP/Press Association Images

The ups and downs of the stock market in recent years have hit all investors hard. Those who opted for with-profits investments thought this was a way to iron out some of the biggest peaks and troughs. A regular, guaranteed bonus seemed like a surefire winner in tough times.

However, those who want to cash in their bonds are discovering the terrible sting in the tail that could leave them far worse off.