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Insurers bidding to save PTA

The ABI is lobbying the Government to change its mind on withdrawing tax relief from pension term assurance.

The ABI says it will put industry concerns to the Treasury when it meets with it before Christmas.

ABI spokesman Jonathan French says: “We will be arguing that the changes will be a bad thing for consumers and will push up the price of life insurance in general. We will be saying that we want them to change their minds on this.”

Providers are joining in the call for Chancellor Gordon Brown not to scrap tax relief on PTA, as announced in the pre-Budget report, with Royal Liver, Bright Grey, Liverpool Victoria and Aegon having already pledged to lobby HM Revenue & Customs on the issue.

IFAs are writing to local MPs and the Treasury voicing concerns over the disadvantages of abolishing standalone PTA.

Aegon Scottish Equitable says it will continue to lobby the Government to act in what it says are the best interests of customers and the industry.

Liverpool Victoria director of intermediary sales Stuart Tragheim says: “We will be lobbying for the Government to accept that stand-alone PTA is a good thing and should not necessarily be linked to a pension.”

PTA U-turn, p3 & 10

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