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Peps are given more freedom

The new tax year in April will see changes to the old Pep rules to the benefit of the industry, investors and IFAs.

Peps are being brought in line with the rules for Isas, allowing greater freedom to invest overseas, which could enable greater diversification.

From April 6, single company Peps can be reinvested on the same basis as general Peps.

Peps will no longer be subject to geographical investment restrictions, can be unbundled and split between different fund managers and give IFAs a good opportunity to reexamine client portfolios.

Investment and Life Assurance Group chairman of the investment product committee Callum Girvan says: “It will be easier for companies as they will no longer have to have two different admin systems as the playing field has been levelled. The single company Pep changes will also be significant for IFAs as investors will want consultations before transferring.”

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