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Pep restrictions to be relaxed

The Pep regulations are to be relaxed to bring them in line with Isas, as part of Gordon Brown’s ‘Helping People to Save’ initiative.

The changes, which were announced in the pre-budget report, will scrap the distinctions between general and single company Peps, allowing investors to merge their Peps.

Geographical restrictions will also be abolished, paving the way for Peps to be transferred into funds which invest anywhere in the world.

The report also suggests that legislation against Pep bundling will be drawn up, while investors will no longer have to make a written request to Pep managers to withdraw funds.

Best Investments deputy managing director Jason Hollands says: “We welcome the ending of the geographic restrictions on Pep money. Investment markets are highly globalised and many of the largest and most successful companies are quoted outside of the European Union. It makes no sense to discourage investors from benefiting from the opportunities offered by such companies."

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