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Deadlines were made to be broken

I keep meaning to stop going on about pension term assurance but then something else happens – the latest being the extension of the deadline for pipeline business.

The Treasury and HM Revenue and Customs released a statement last Thursday confirming insurers will now have until midnight on 31 July to process pipeline PTA business.

But it would have been helpful if the Treasury and HMRC had extended the deadline before providers and advisers expended time, effort and energy in a frenzied rush to push pipeline business through by April 6.

It is akin to telling a student they have an extension on their essay six days after they have already handed it in.

So despite some providers coming out with statements saying they welcome the move, most people can read between the lines and see they are seriously annoyed that once again the government has moved the goalposts without any warning.

More worrying is the fact providers apparently still have “significant volumes” of pipeline business, according to the ABI.

The product was pulled four months ago so it does seem odd if there is indeed still a great backlog of business, though inevitably there are always delays with GP reports.

Aside from this, it is good news for those customers trapped in the pipeline who missed the original deadline and now look set to be the last people able to benefit from life insurance with tax relief in the UK.

That is, unless David Cameron gets into 10 Downing Street and decides that perhaps PTA wasn’t such a bad idea after all…


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